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The CBC is planning to lay off hundreds of employees and sell off assets to address a huge budget shortfall.

A presentation by CBC President Hubert Lacroix to CBC staff about the state of the organisation’s finances outlined the “significant” changes ahead.

“We need $171 million to balance our budget, which will mean 800 positions,” he said.

CBC hopes to raise about $125 million through the sale of assets.

But even with this influx of cash, CBC still needs to cut 800 jobs, with layoffs starting in the summer.

Pay for senior managers would be cut by a minimum of 20 per cent through bonus cutbacks.

“We’re going to have to cut as many as 400 people,” in English Services said Vice-President of English Services Richard Stursberg, with Radio-Canada cutting 300 positions.

CBC hopes encourage older employees to leave voluntarily and so protect its younger employees.

He also added that didn’t want to lose the gains made in English television or online. But in response to a question, Mr Stursberg said he though the cuts would slow down CBC’s TV audience growth and stall radio audience growth.

Friends of Canadian Broadcasting is live blogging the event.

UPDATE: The CBC has released a statement on the cuts. Beyond the 800 job cuts, other measures to bridge the financial shortfall include:

• scaling back of regional radio and television programming;
• decrease in current affairs, drama, music, and special event programming;
• reductions in news;
• more repeats throughout the schedule to make up for reduced content production;
• reduction of marketing budgets;
• streamlining of production methods;
• 10-20 per cent cut in executive compensation;
• cutting of discretionary spending (travel, hospitality, etc.);
• slowing of recruitment.

Specific details of the cutbacks are expected on Thursday 26 March.  But the CBC outlined areas that it hopes to protect:

• the non-commercial nature of radio to be preserved;
• television will continue to consist of 80 per cent or more Canadian content during prime time;
• every effort is being made to protect CBC’s regional footprint;
• all major market morning and drive-home radio shows will remain on the air;
• CBC will maintain its strategic investment in new media and new platforms;
• funding for employee training programs will remain in place.