TV network to implement another round of layoffs

MANILA, Philippines — ABS-CBN Corp. on Tuesday said it would be laying off around 200 employees, around 7 percent of its workforce, citing a “difficult year for the content industry,” which led to weaker advertising and consumer spending.

In a statement, the entertainment giant said it made the difficult decision to implement the retrenchment program to keep the company “on strong financial footing.”

This was despite new investments that were supposed to help it in its efforts to rebuild and recreate 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,” it said.

The new round of layoffs comes two years after ABS-CBN also retrenched around 100 employees or about 3 percent of its workforce, over declining advertising revenues.

“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. —Zacarian Sarao