ABS-CBN lays off 100 employees over ad revenue, pay TV decline

Metro Manila, Philippines— Broadcaster ABS-CBN Corporation has retrenched around 100 employees, or 3% of its workforce, because of significant losses arising from declining advertising revenues and the downturn in the pay TV industry.

In a statement, the network attributed the layoff to lower consumer spending, which has impacted the TV sector ad revenue.

“The company is also being affected by the global decline in the pay TV business,” the statement read.

ABS-CBN assured affected employees they would be properly compensated.

“We are committed to providing full benefits and support to those affected and deeply appreciate their many years of service to the company and the public,” the network said.

This recent development came on the heels of milestones for ABS-CBN. The network highlighted improvements in TV ratings, the success of two Star Cinema films and the growth of its music division, bolstered by the stardom of girl group BINI.

Earlier this year, ABS-CBN reported consolidated revenues of P18.51 billion in 2023, slightly down from P18.55 billion in 2022. After accounting for impairment losses, one-time gains, and taxes, however, the company posted a net loss of P12.835 billion.

Following the non-renewal of its broadcast franchise in July 2020, the network was forced to lay off 11,000 employees, including those from subsidiaries. ABS-CBN has since refocused on content production and distribution.

Three years after the shutdown, the watchdog Center for Media Freedom and Responsibility noted that the absence of ABS-CBN's broadcast operations remains a significant blow to the media industry.