The Toronto International Film Festival (TIFF) has confirmed the end of its nearly three-decade partnership with Bell at the end of this year.

In a statement to Playback Daily, TIFF’s VP, public relations and communications, Judy Lung, said that the decision was “mutually agreed” and the festival will work with the company in “new ways.”

Bell has been TIFF’s lead sponsor since 1995 — the highest tier offered by the festival — but last week it was reported by the Toronto Star that the company was ending its deal with the festival.

“Over the past 28 years, TIFF and Bell have enjoyed an historic partnership that has greatly contributed to the growth and success of our organizations. Earlier this year, we mutually agreed that this partnership would come to a close at the end of 2023,” said Lung.

“We extend our sincere gratitude to Bell for their unwavering support, dedication, and collaborative spirit and look forward to working with them in new ways,” added Lung.

TIFF’s other major partners include RBC, Visa and Bulgari. Sponsors at lower levels include Canada Goose, Canon, Dyson, Indeed, Lavazza, L’Oréal, Pizza Nova, Pure Leaf, Roots, Snapchat and UPS.

Lung said the festival will look to “grow and innovate with the support and collaboration of current and future partners.”

In a statement to Playback, Bell said it “opted not to renew our sponsorship in order to invest in other opportunities that are core to our business,” adding that “we are confident TIFF will continue to develop and showcase the world’s leading content to inform, educate and entertain the best audience in film. We’re grateful to have been a part of it all.”

Bell announced in June that it would cut 1,300 jobs and close six radio stations, citing economic challenges. In October, the company plans to shut down its French channel Vrak after it was dropped by Videotron.

Executives at the company said that further cost reduction measures could be coming after revenue dropped by 1.9% year-over-year in Q2, with net earnings down 39%.

With files from Kelly Townsend and Media in Canada

Image courtesy of TIFF