ABS-CBN is said to have already released the contracts of its employees and talents.
According to a Pep.ph article, ABS-CBN management had an emergency zoom meeting on Wednesday, July 1, advising everyone that they will be halting the production of ABS-CBN Current Affairs programs.
Because of this, the ABS-CBN repealed the non-compete clause on their employees’ contracts allowing them to apply even with their rival networks.
The latest move is due to the second shutdown order from NTC directing ABS-CBN to stop operations of TV Plus in Metro Manila and SKY Direct.
ABS-CBN has been bleeding financially since its May 5 shutdown. According to the report, ABS-CBN employees agreed to 50% pay cuts on their salary to help the company continue with its operations.
However, it was further reduced to 25% or just cash assistance because of the continued blow to their finances with the delay of their franchise.
ABS-CBN Current Affairs writer at producer Nick Villavecer also confirmed the news via a tweet on July 1.
It was also reconfirmed by Umagang Kay Ganda in a tweet saying goodbye for now to their loyal viewers.
Mga Kapamilya, pansamantala po muna naming ititigil ang ating “Umagang Kwentuhan” dahil sa krisis na aming pinagdadaanan sa ngayon.
Mula po sa bumubuo ng Umagang kay Ganda, maraming maraming salamat po sa inyong patuloy na suporta! pic.twitter.com/DFzFBsHydt
— Umagang Kay Ganda (@ukgdos) July 1, 2020
Aside from the current affairs show, there are also reports that the production of teleseryes and some entertainment programs were also stopped.
Meanwhile, in an article by Salve Asis, she said that artists and talents of the network were also released from their contracts.
According to the report, ABS-CBN has already suspended the management/talent contract of their artists although those who belong to Star Magic will still be managed by the network’s talent management arm.
With this ABS-CBN stars can now accept offers from other networks, they just need to talk to the management if they intend to jump ship.