ABS-CBN Corporation, a media conglomerate owned by the Lopez family, is set to lay off approximately 100 employees, representing about 3% of its workforce, as part of a retrenchment program aimed at addressing ongoing challenges in the media industry.
The decision was announced during an internal meeting held by the company’s leadership.
In light of the layoffs, ABS-CBN President and CEO Carlo Katigbak emphasized the company’s commitment to providing full benefits and support to those affected.
“We are committed to providing those affected with full benefits and support, and we are deeply grateful for their many years of service to the company and to the public,” he stated.
The announcement comes amid a backdrop of declining advertising revenue and lower consumer spending, which have impacted the television industry as a whole. ABS-CBN acknowledged that the global decline in the pay-TV market has also contributed to its financial difficulties.
Despite these challenges, the company has seen improvements in several business segments this year, including rising TV ratings and successful film productions under Star Cinema, one of which has become the highest-grossing Filipino movie of 2024. Additionally, ABS-CBN’s music division has experienced significant growth, largely driven by the popularity of the girl group BINI.
For the first half of 2024, ABS-CBN reported a 5% reduction in net losses, which amounted to ₱2.02 billion, thanks to effective cost-cutting measures that reduced expenses by 4% to ₱10.2 billion. However, revenues still fell by 11% to ₱7.8 billion.
While the layoffs represent a difficult step for the company, ABS-CBN remains focused on innovating and adapting to the changing media landscape, aiming to stabilize and strengthen its operations moving forward.
