The CBC will cut 657 jobs over the next two years and will stop competing for the rights to broadcast professional sports, the network reports.

It’s part of $130 million in budget cuts.

The belt-tightening includes less sports coverage — the network says it will no longer pursue the rights to broadcast professional sports, saying it cannot compete with private rivals that have specialty channels and multiple media platforms.

The CBC recently lost the rights to broadcast Hockey Night in Canada to Rogers Media, which owns this station.

The CBC will still compete for sporting events of national significance, like the Olympics.

The broadcaster is also grappling with a softened ad market and a loss of $115 million in federal government funding that was announced in the 2012 federal budget.

More to come