Due to declining ad revenues, former broadcasting giant ABS-CBN laid off more than 100 employees. The media corporation released an official statement on Wednesday, October 16.
“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 the public,” ABS-CBN said.
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An outside source informed the Philippine Inquirer that the layoff plans were announced during an online meeting. The decision was made through an online meeting with ABS-CBN News head Mary Ann Francis Toral.
The same source also added that numerous departments within the corporation were impacted by the layoff, including some reporters and cameramen. ABS-CBN supervisors union president Raul De Asis said the decision was “painful” to the employees.
However, he added that it was also necessary to keep the business running.
The corporation revealed that the decline in advertising revenues has been hurting its bottom line. Back in 2023, ad revenue rose by 16% to ₱6.7 billion. However, this was below the corporation’s ₱22.94 billion reach in 2019.
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In 2020, then-President Duterte rejected the company’s franchise renewal, which resulted in its ad placements moving to rival businesses.
Two months later, the company announced it would begin retrenching employees. By 2021, ABS-CBN had laid off more than 4,000 staffers, 2,674 of them regulars.
After losing its TV franchise, ABS-CBN decided to turn to digital platforms to remain open to loyal audiences. Today, the corporation is partnering with Advanced Media Broadcasting System to air the Kapamilya network’s classic television series on ALLTV.
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