ABS-CBN to lay off about 200 employees amid tough year for content

MANILA, Philippines — ABS-CBN Corp. on Tuesday announced it will lay off about 200 employees, citing a “difficult year for the content industry” that led to weaker advertising and consumer spending.

In a statement, ABS-CBN said it had made the difficult decision to implement the retrenchment program to keep the company “on strong financial footing.”

This came despite new investments meant to help the entertainment giant rebuild and rebrand itself as a “global storytelling company.”

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READ: ABS-CBN lays off 100 more as ad revenues continue drop

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“However, it has been a difficult year for the content industry. The Middle East conflict, high inflation and low economic growth have led to weaker advertising and consumer spending,” ABS-CBN said.

“These events have affected our recovery efforts, and we expect these challenges to continue,” it added.

The new round of layoffs — which comes two years after the company also retrenched around 100 employees — covers 7% of ABS-CBN’s workforce.

“We know this will deeply affect our employees and their families, and we intend to manage this the way we have always done — with compassion for our Kapamilya,” the company said. /das