ABS-CBN to Lay Off 100 Workers Amid Industry-Wide Revenue Decline

ABS-CBN Corporation has announced that it will retrench around 100 employees, or about 3% of its workforce, due to a significant decline in advertising revenues across the TV industry. The media company, which has been grappling with financial challenges since losing its broadcast franchise in 2020, cited lower consumer spending as a key factor behind the reduced advertising expenditures.

Despite some improvements in its business operations—such as better TV ratings, successful Star Cinema film releases, and growth in its music business—ABS-CBN continues to face difficulties, particularly from the global decline in the pay TV sector.

The company’s revenues dropped 11% in the first half of 2024, amounting to P7.8 billion, while its net loss slightly improved, narrowing by 5% to P2.127 billion. ABS-CBN is committed to providing full benefits and support to the affected employees.

This marks another significant layoff for the company, following the termination of around 5,000 employees in 2020 when its free-to-air operations were halted.