Due to a downturn in TV ads and the decision to not pursue amending government rules and allow advertising on the government-funded CBC Radio, the CBC has announced a series of steps to cut into a large deficit. The CBC will immediately freeze executive salaries, and all bonuses will be cut by 50%. In addition, the CBC announced it will offer some employees voluntary retirement packages, and will seek to sell off certain corporation assets, however no job cuts are immediately scheduled. CBC Chief Executive Hubert Lacroix released a memo to the staff, saying he “assumes that the government will authorize our sale of enough assets to finance our way through this without deeper cuts."