The CBC/Radio-Canada announced on Thursday that the network will no longer compete for the rights to professional sports, as the national public broadcaster is cutting $130 million from its budget this year and eliminating 657 jobs over the next two years.
"As of today, CBC and Radio Canada is out of the business of competing with the private (broadcasters) for professional sports," network president Hubert Lacroix told employees in a corporate-wide town hall.
The crown corporation maintains it will still compete for other sporting events with interest to Canadians such as the Summer and Winter Olympics.
"We remain committed to signature events of national importance such as the Olympics; but, as with Sochi, we'll approach these events in new ways - new ways of producing, new technologies and new partnership arrangements," the network said in a statement.
While CBC will still broadcast Hockey Night in Canada NHL games on Saturday nights over the next four years, incoming rights holder Rogers will produce the programs, sell the ad space in the time slot and keep the revenue.
The netowrk has also had to deal with $115 million in cuts to federal government funding, which was announced in the federal budget two years ago.
Hockey Night in Canada has been airing on CBC for over 60 years and the network was also a broadcaster for the Canadian Football League, Montreal Expos and Toronto Blue Jays baseball games and Toronto Raptors basketball.