ABS-CBN, the Philippines’ largest media conglomerate, has announced the layoff of approximately 100 employees, representing about 3% of its workforce. This difficult decision comes as the company continues to grapple with the ongoing effects of its television franchise loss in 2020, coupled with declining advertising revenue.
The news was communicated during an internal meeting held by the Lopez family-led media group on Tuesday. In a statement to InsiderPH, ABS-CBN expressed its commitment to providing full benefits and support to those affected, acknowledging their years of service to the company and the public.
The layoffs highlight the continued challenges faced by ABS-CBN since the loss of its franchise, which significantly impacted its broadcast operations. The company has been forced to adapt and diversify its business model, focusing on digital platforms and content production for various platforms. However, the decline in advertising revenue, a key source of income for media companies, has further exacerbated the situation.
The layoffs are a stark reminder of the economic impact of the franchise loss and the ongoing challenges faced by the media industry in the Philippines.
metrosundaily
