The CBC issued a statement saying 650 jobs will be lost within the next three years, 475 of them this year, the Toronto Star reported.
The NFB will eliminate 73 full- and part-time jobs, The (Montreal) Gazette said.
The CBC said other savings would be attained by leasing out some of its real estate, seeking cheaper rental properties and eliminating its Russian and Brazilian short wave broadcasts. Additionally, the corporation said it would scale back television production of comedies and drama programs.
The National Film Board lost about $6.7 million, or 10 percent of its budget, and said it would close a Montreal office and two of its movie theaters in Toronto and Montreal and consolidate some of its national operations, the Gazette said.
Prior to the release of the Conservative government's budget last month, every federal department, corporation and agency was ordered to submit cost-cutting measures to reduce the national deficit.
2014: The Year in Music [PHOTOS]