ABS-CBN lays off 100 workers amid franchise loss, ad revenue decline
ABS-CBN has cut 100 jobs this month as the fallout from the loss of its television franchise in 2020.
In a statement to PhilSTAR L!fe, ABS-CBN attributed the recent layoffs to a decline in consumer spending, which has continued to impact the company since the loss of its television franchise.
"[T]he TV industry as a whole has been hurt by lower consumer spending which translated into lower advertising spends," the statement read. "The company is also being affected by the global decline in the pay TV business."
Because of this, the media giant has "made the difficult decision" to lay off around 100 employees or about 3% of its workforce.
"We are committed to providing those affected with full benefits and support, and are deeply grateful for their many years of service to the company and to the public," it continued.
Despite this, the company has "made significant progress in many of its businesses this year."
"TV ratings continue to improve, Star Cinema produced two hits so far, with one of them being the highest-grossing Filipino movie, and our music business has gotten a strong boost from the popularity of girl band BINI," it said.
The Star Cinema films Unhappy for You, starring Julia Barretto and Joshua Garcia, and Rewind, starring Dingdong Dantes and Marian Rivera, have made significant box office marks. Unhappy for You is the highest-grossing Filipino film of 2024, while Rewind holds the title of the highest-grossing Filipino film of all time.
Additionally, Batang Quiapo is the highest-rating TV show in the country today, while It's Showtime is the highest-rating noontime show.
ABS-CBN went off the air in May 2020 after Congress junked its petition to renew its franchise. This led to the closure of some of its businesses and a company-wide layoff at the end of August 2020.
"As much as it hurts us to implement this retrenchment program, this is the only way to ensure the continued employment of the rest of our Kapamilya," the company said in a statement.