CBC is reportedly set to make $133 million following the sale of land around its Toronto headquarters.

The deal, expected to close on Wednesday, was revealed to network staff in a notice from CEO Hubert Lacroix. The public broadcaster said earlier this year, upon shedding some 800 jobs, that it also planned to sell some assets, likely including real estate, in a bid to balance its books for 2009/10.

The $133 million represents the price of land sold around the Toronto broadcast center in 2003, which was originally to have been paid in annual installment until 2027, according to a story from CBC News.

Lacroix remarked that he did not like ‘forgoing future revenue to solve an immediate cash flow problem’ but noted again that the sale is key to plans for a balanced budget at CBC/Radio-Canada by the end of its fiscal year on March 31.

The deal was subject to government approval. CBC/Radio-Canada faces a $171-million shortfall this year, which it has blamed on sagging ad revenues, increasing costs and aging infrastructure.