Due to financial losses, ABS-CBN Corp. has decided to close down the operations of its top-rated AM radio station TeleRadyo.

In a press statement on Tuesday,

ABS-CBN admitted it can no longer sustain the operation of the news channel, which means workers will be laid off.

“TeleRadyo has been incurring financial losses since 2020. Since

ABS-CBN can no longer sustain TeleRadyo’s operations, ABS-CBN is left with no choice but to cease the operations of TeleRadyo effective 30 June 2023 to prevent further business losses,” the company said.

“The company is deeply saddened by this closure and having to part ways with the many passionate and committed people who have made TeleRadyo an important source of news and information for many Filipinos,” it added.

Despite the development,

ABS-CBN assured its audiences that it will continue ramping up its content production and distribution through deals and partnerships with local and international clients.

ABS-CBN has entered into a joint venture with Prime Media Holdings Inc. to establish a new company that will produce various programs, which will be supplied to broadcasters and other 3rd party platforms including Philippine Collectivemedia Corporation.

Under the agreement, ABS-CBN will have a minority stake in the joint venture, and Prime Media Inc. will be the majority stakeholder.

According to ABS-CBN, the tie-up will also give their employees time to look for other job opportunities.

“It is also a way to continue providing accurate and balanced news and information to the country,” it added.

Despite the absence of a legislative franchise, ABS-CBN managed to cut its net losses by half during the first quarter of the year.

Its net loss declined by 56 percent to P2.46 billion last year, from P5.64 billion in 2021.