Pierre-Karl Péladeau, the most dominant figure in the Quebec media landscape, is at the center of a growing controversy, exacerbated by the economic malaise plaguing TVA Group and Quebecor.
As the company faces revenue declines and mass layoffs, concerns about the financial situation of Péladeau and its top executives are causing deep discontent.
Péladeau’s continued demand for more government funding, while maintaining his own financial benefits, is fueling resentment among employees and outside observers.
“There is no reason why broadcast journalists are excluded from the tax credit that the print or digital press receives” says Péladeau. (credit: Journal de Montréal)
“This situation creates two classes of journalists.”
As hundreds of families suffer the devastating consequences of downsizing and budget cuts, the numbers point to an unbalanced reality: a dramatic increase in top executive pay, including that of Péladeau himself, while workers struggle for their financial survival.
The acquisition of Freedom Mobile, which appears to be a lucrative opportunity for executives, raises questions about the company’s priorities and the imbalance between the profits of elites and the sacrifices of rank-and-file employees.
The massive layoffs at TVA Group, which left hundreds of employees jobless, reflect a cruel reality where strategic decisions favor short-term profitability to the detriment of workers’ job security.
While the company justifies these measures as necessary for its long-term survival, the repercussions on workers are indisputable. Calls for help from the media and government often seem ignored, leaving workers without a safety net facing an uncertain future.
In this economic crisis, it is crucial to recognize and defend workers’ rights, to ensure that sacrifices do not fall solely on the shoulders of the most vulnerable, and to hold accountable those who take advantage of economic disasters to s enrich further.
The concentration of power and wealth within the Péladeau family, with Pierre-Karl Péladeau at the head, underscores the importance of rigorous oversight and increased accountability to the community and workers who contributed to the success of the company.
In this period of turbulence and uncertainty, it is essential to maintain an open and transparent dialogue on the challenges facing the company and the measures taken to ensure a sustainable future for all its stakeholders.
It is simply absurd, even insulting, that Pierre-Karl Péladeau continues to demand more money, financial aid and tax credits when in 2023 he benefited from a total remuneration of 4.9 million dollars, marking a staggering 57% increase from the previous year.
This substantial increase, largely attributed to stock options, clearly shows that top executives are not suffering the same financial difficulties as rank-and-file workers.
Péladeau’s justification according to which the “static regulatory environment” of the Quebec and Canadian television industry contributes to the revenue declines observed among several television broadcasters is difficult to swallow.
Especially when he insists on fair treatment compared to other news sources, while deliberately ignoring the economic realities of his own employees.
“We will continue to deploy our efforts to ensure that we can be treated fairly with all other sources of information, because there is no one that is more important than the other.”
The financial results unveiled by TVA Group for the first quarter of 2024, with a 5.1% drop in revenue compared to the previous year and a net loss attributable to shareholders, demonstrate the difficulties the company is facing.
However, rather than looking for internal solutions or showing solidarity with his employees, Péladeau seems to be turning to the state to fill the gaps in his management.
The reorganization plan announced last November, including the elimination of 547 jobs, illustrates the devastating impact of decisions taken at the top of the company on the daily lives of its workers.
While ordinary employees suffer the consequences of these draconian measures, top executives continue to receive exorbitant compensation and demand more benefits.
It is high time that Pierre-Karl Péladeau and the other leaders of TVA Group recognize the need to take responsibility and demonstrate solidarity with their employees, rather than seeking to obtain ever more financial advantages to the detriment of those who are the hardest hit by the company’s economic difficulties.
Above all, it is time to stop treating your brothers, sisters and the whole family lightly. How much do the Péladeaus need more money?
His brother, Jean B. Péladeau, pocketed $1.9 million last year, he who is vice-president of operational convergence at Quebecor Media,
Érik Péladeau, his other brother and director of the company, pocketed $920,700.
And then, Péladeau wants more money from the government? More financial aid? More tax credits? And what else? A slipper with that?
Enough is enough…
