Canadian media and telecom firm Bell will cut 4,800 positions, parent company BCE said on Thursday, in its largest workforce restructuring in nearly 30 years to rein in costs in an uncertain economy.

The company last year cut 1,300 jobs, shuttered six radio stations and sold another three as revenues dried up at its legacy phone and news business.

“We continue to face a difficult economy and government and regulatory decisions that undermine investment in our networks, fail to support our media business in a time of crisis and fail to level the playing field with global tech giants,” BCE CEO Mirko Bibic said in a statement.

BCE, which also reported its fourth-quarter results, said it plans to reduce costs by over C$1 billion ($741.78 million) in 2024-25, including a minimum of C$500 million in 2024.

Bell Canada’s legacy phone revenue faces C$250 million decline in revenue each year, the company said, while the news operation is expected to post annual operating losses of C$40 million.

Advertising revenues declined by C$140 million in 2023 from 2022, Bibic said.

Business Insider and the Los Angeles Times are among media companies that have cut jobs this year as they struggle with dwindling ad dollars.