ABS-CBN to cut 200 jobs as network faces ‘difficult’ year
ABS-CBN released a statement outlining its business plan for the network, including the retrenchment of around 200 employees.
“ABS-CBN continues to grow its content business, with its shows, films, music, and events reaching more people across platforms in the Philippines and around the world. We are in the process of re-building and re-creating ABS-CBN towards a new future as a global storytelling company,” the statement said.
The network added that “the new investments are a vote of confidence in the future of the company and will help ABS-CBN in our journey towards recovery and new successes.”
However, ABS-CBN acknowledged that “it has been a difficult year for the content industry,” noting that “the Middle East conflict, high inflation, and low economic growth have led to weaker advertising and consumer spending.”
To address these problems, which “have affected our recovery efforts and we expect these challenges to continue,” the network said it had “made the difficult decision to implement a retrenchment program to keep ABS-CBN on strong financial footing.”
“The program will cover around 200 people or 7% of the company’s workforce. 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,” the statement said.
