In a show of unwavering determination, the annual Christmas celebration at ABS-CBN has taken on the character of a rallying cry as President Carlo Katigbak made a significant pledge for the media giant’s resurgence in 2024, marking the third anniversary of its shutdown.
During the corporate festivities, Katigbak confidently declared, “I’m making a promise, next year will be the best year for ABS-CBN since 2020,” expressing optimism about the imminent results driven by the collective efforts, sacrifices, and dedication of ABS-CBN’s workforce.
ABS-CBN COO Cory Vidanes mirrored Katigbak’s positivity, emphasizing, “Next year, we’re going to make a big turnaround.”
While the specifics of ABS-CBN’s ambitious comeback strategy are yet undisclosed, Katigbak’s statement carries substantial weight given the hurdles the network has faced in recent years.
Katigbak acknowledged the challenging journey, stating, “If we continue with all that we have been doing, I have no doubt that the newer and stronger ABS will emerge in 2024.”
He highlighted noteworthy accomplishments in 2023, citing the success of primetime shows, dominance on streaming platforms, and the box office hit ‘A Very Good Girl.’ ABS-CBN also experienced its most robust advertising sales year since 2020.
Since the non-renewal of its franchise in 2020, ABS-CBN has navigated financial challenges, reporting a loss of P25.1 billion in the first nine months of 2023. The company underwent extensive restructuring, resulting in workforce reductions and a strategic shift toward a content provider role.
Despite setbacks, ABS-CBN explored a television comeback through a proposed acquisition of a 35 percent stake in TV5 in August 2022. However, this plan was abruptly abandoned, prompting ABS-CBN to focus on the merger of its cable companies, Sky Cable and Cignal TV.
Under scrutiny by the Philippine Competition Commission, the merger aims to inject vital funds into ABS-CBN, with anticipated proceeds of P6.8 billion from divesting its stake in SkyCable to Cignal.
As ABS-CBN grapples with its lowest stock value since its initial public offering 30 years ago, Carlo Katigbak’s commitment to a spectacular comeback adds a compelling twist to the network’s narrative, leaving audiences eager to witness this teleserye-worthy storyline unfold. Stay tuned for more updates.
