CTV calms shakeup fears

Prexy/CEO Fecan to present business plan by year's end

TORONTO — CTV’s new parent company is not about to embark on any fiscal bloodletting, BCE head Jean Monty told BCE shareholders at the Canuck network’s annual meeting.

Instead, Monty said at last week’s gathering, CTV’s future direction will be established by CTV president and CEO Ivan Fecan, who will present BCE with a business plan by the end of the year.

Rumors of layoffs and restructurings have been rife in the entertainment community following BCE’s recent takeover of Toronto-based CTV, Canada’s largest web. BCE paid a premium C$2.4 billion ($1.6 billion), while CTV carries a hefty debt of $360 million and a smaller profit margin than rival web CanWest Global.