Former broadcast giant ABS-CBN says it is laying off another 100 employees as its revenues continue to decline. The layoff represents 3% of the company’s existing workforce.
Full story: https://www.rappler.com/business/abs-cbn-layoffs-ad-revenues-drop-industry-wide-2024/
Full story: https://www.rappler.com/business/abs-cbn-layoffs-ad-revenues-drop-industry-wide-2024/
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00:00Former broadcast giant ABS-CBN says it is laying off another 100 employees as its revenues
00:05continue to decline.
00:07The layoff represents 3% of the company's existing workforce.
00:11Several ABS-CBN news employees tell Rappler they learned of the decision in a meeting
00:15Tuesday, October 15.
00:17The retrenchment affects the whole company, not just the news division.
00:20ABS-CBN and its subsidiaries laid off some 5,000 out of more than 11,000 employees when
00:26the government denied the company's franchise in 2020.
00:29Smaller layoffs followed, and the company now employs only 3,300 workers or about 30%
00:35of its original workforce.
00:37ABS-CBN says the whole TV industry has been hurt by shrinking advertising demand and the
00:42global decline in the pay-TV business.
00:45Once the Philippines' largest network, ABS-CBN lost its broadcast franchise when it was targeted
00:49by the Duterte administration for critical coverage.