ABS-CBN, the Lopez family-led media giant, continues to face the consequences of its television franchise loss in 2020. During an internal meeting on Tuesday, the company announced the difficult decision to lay off 100 employees, impacting around 3 percent of its workforce.
In a statement to InsiderPH, ABS-CBN said, “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 layoffs come amid broader industry challenges, including reduced consumer spending and a decline in advertising revenue. ABS-CBN noted that the global downturn in the pay TV sector has also contributed to the company’s financial difficulties.
Despite these challenges, ABS-CBN has made strides in narrowing its losses. The media company reported a 5 percent reduction in losses during the first half of 2024, bringing total losses to P2.1 billion. However, revenues fell by 11 percent to P7.8 billion. The company continues to meet its debt obligations and is negotiating new terms with lenders.
Since the non-renewal of its TV franchise under President Duterte’s administration, ABS-CBN has significantly reduced its financial losses. Thousands of employees were affected by job cuts in the aftermath of the franchise loss. However, the company has seen growth in various sectors, with improving TV ratings and successful releases from its film and music divisions.
ABS-CBN’s popular shows, such as Batang Quiapo, which holds the top spot in national TV ratings, and Showtime, the highest-rated noontime program, have bolstered its performance. The company’s film production arm, Star Cinema, has also seen success, with two hit films in 2024, including the highest-grossing Filipino movie of the year.
In July, ABS-CBN’s SkyCable secured a commercial deal with Converge ICT Solutions, owned by tycoon Dennis Anthony Uy. The deal allows SkyCable to use Converge’s nationwide fiber internet network, helping address ongoing financial losses and improving services for subscribers.
