ABS-CBN cuts 200 jobs as recovery remains elusive
MANILA, Philippines — Media giant ABS-CBN Corp. will eliminate about 200 jobs, or roughly 7% of its workforce, in another round of retrenchments as the media company struggles to stem losses six years after the Duterte government refused to renew its franchise.
ABS-CBN announced the cuts Tuesday, September 15, citing regional conflicts, persistent inflation and slow economic growth as factors weakening advertising revenue and consumer spending across the content industry.
"After careful review, we have made the difficult decision to implement a retrenchment program to keep ABS-CBN on strong financial footing," the company said.
The job cuts follow a difficult first half for ABS-CBN, which reported in August that its net loss more than doubled to P1.83 billion from P852 million a year earlier.
The loss widened even as consolidated operating expenses fell 5%, or P482 million, to P8.46 billion.
"We know this will deeply affect our employees and their families, and we intend to manage this the way we have always done, with compassion for our Kapamilya," ABS-CBN said.
Separately, Crème Investment Corp., Mantes Corp. and Presta Holdings Co. Inc., representing three branches of the Lopez family, have committed to subscribe to P2.2 billion in ABS-CBN shares using their own resources.
The investment comes as ABS-CBN continues its transition from a traditional broadcaster into what it describes as a global storytelling company, distributing television programs, films, music and events through digital and international platforms.
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