Money-losing Quebec television network Groupe TVA is reducing its real estate holdings in conjunction with massive job cuts announced Thursday.

Montreal-based TVA called the reduction an optimization. The company announced that its corporate services, Quebecor content, Quebecor expertise media and Quebecor out-of-home teams will move into Quebecor’s head office building. Quebecor is TVA’s parent company.

TVA said it is currently evaluating the future of its headquarters at 1600 De Maisonneuve Boulevard East and some local stations’ buildings.

“In view of the housing shortage, management would like to discuss the possibility of converting the Montreal building to social housing with Montreal municipal authorities and the Quebec government,” said TVA in its third quarter report.

Located at 4545 Frontenac Street, the Quebecor head office building will undergo “major renovations” over the next few months to accommodate all of Quebecor’s media teams by the summer of 2024, the company said.

The real estate moves are tied to the elimination of 547 positions, or 31% of TVA’s current workforce.

Photo: TVA Group