ABS-CBN Lays off 100 Employees Amid Franchise Loss
ABS-CBN – One of the Philippines’ largest media networks ABS-CBN Corp. has announced another round of retrenchments as it faces ongoing financial struggles, driven by declining ad revenues and continued losses.
The Lopez family-led ABS-CBN Corp. has implemented another round of layoffs amid continuing financial challenges. The retrenchment comes as the company struggles with declining advertising revenues and persistent losses on its balance sheet.
In a statement released on Wednesday, ABS-CBN confirmed the decision to let go of around 100 employees, representing about 3 percent of its total workforce. The media giant described the move as a “difficult decision” made in response to the ongoing financial difficulties.
“We are committed to providing those affected with full benefits and support, and are deeply grateful for their many years of service to the company and to the public,” the company said.
The layoffs were reportedly announced during an online meeting on Tuesday afternoon, which was presided over by ABS-CBN News head Mary Ann Francis Toral. According to a source, no other top management officials were present during the hour-long meeting.
Multiple departments within ABS-CBN were affected by the retrenchment, including some newsroom reporters and cameramen. This marks another chapter in the company’s continuing efforts to streamline operations in the face of financial difficulties. The media organization has been under pressure since it lost its broadcast franchise in 2020, which significantly impacted its revenue streams, particularly advertising, as it no longer has access to traditional free-to-air channels.
The retrenchment follows ABS-CBN’s previous efforts to adapt to the new media landscape through partnerships with other networks and platforms, including online streaming. Despite these efforts, the media network has been unable to fully offset the losses caused by the absence of a broadcast license and the decline in traditional advertising revenues.
As the tv network continues to navigate the challenges of the current media environment, the company remains focused on finding ways to regain financial stability while supporting the employees affected by the restructuring.
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