Bell is reportedly planning to end its sponsorship of the Toronto International Film Festival after 2023.

First reported by the Toronto Star, this year’s festival – set to begin Sept. 7 – will be Bell’s last after first signing on with TIFF in 1995. It is currently TIFF’s lead sponsor – the highest level offered by the festival – and has naming rights to the TIFF Bell Lightbox theatre in downtown Toronto.

Spokespeople for Bell and TIFF did not respond to requests to confirm the news, but a Bell spokesperson told the Star that the company is focused on this year’s festival in September, and that any additional announcements would be coming later this year.

TIFF’s major sponsors 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.

While TIFF has been an attractive sponsorship property, as it draws roughly 700,000 visitors to Toronto annually and often serves as the first look at many high-profile films, the WGA and SAG-AFTRA strikes in the U.S. are expected to have an impact on this year’s festival, as the labour actions will keep stars from being on-hand to promote their work.

Bell also did not answer questions about how much it spends on its TIFF sponsorship, or if it is currently reviewing any of its other sponsorship activities.

The company has a large portfolio of sponsorships, supporting other film festivals, professional and grassroots sports, music festivals, community events and esports.

However, Bell is looking to dial back costs amid growing challenges in the media industry. In June, the company announced it would be eliminating 1,300 jobs and closing six radio stations, citing economic challenges. Bell also applied to the CRTC to have its local news requirements eliminated and its Canadian content obligations reduced, partially due to the economic environment it operates in. On Oct. 1, Bell Media plans to shut down its French channel Vrak after it was dropped by Vidéotron.

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%.

This week, TIFF’s COO Beth Janson stepped down from her role with the festival.