THE Lopez-led ABS-CBN Corp. has announced another round of layoffs as it grapples with ongoing financial challenges stemming from declining advertising revenues.

The media giant confirmed on Wednesday, October 16, that approximately 100 employees, representing about 3% of its workforce, will be let go.

In a statement, ABS-CBN described the decision as “difficult,” emphasizing its commitment to providing affected employees with full benefits and support.

“We are deeply grateful for their many years of service to the company and to the public,” the statement read.

The layoffs were communicated during an online meeting on Tuesday, presided over by ABS-CBN News head Mary Ann Francis Toral.

Reports indicate that multiple departments, including news reporters and cameramen, were impacted by the retrenchment.

Raul De Asis, president of the ABS-CBN supervisors union, acknowledged the emotional toll of the layoffs, calling the decision “painful” but necessary to ensure the company’s sustainability in a challenging market.

The media group has cited a significant decline in advertising revenues as a key factor affecting its financial health.

While ad revenues increased by 16% last year to P6.7 billion, this figure remains drastically lower than the P22.94 billion achieved in 2019, when ABS-CBN held a free TV franchise.

The loss of this franchise, after being denied renewal by a House of Representatives dominated by allies of then-President Rodrigo Duterte, severely impacted the company’s advertising prospects, leading to a shift of ad placements to competitors.

The company had previously announced layoffs in July 2020, shortly after its franchise expiration, which initially affected around 11,000 employees across its subsidiaries.

By 2021, ABS-CBN had reported layoffs totaling 4,552, including a substantial number of regular staff.

Financial reports indicate that ABS-CBN's losses widened nearly fivefold to P12.84 billion last year, driven by rising production costs.

However, in the first half of 2024, the company managed to reduce its net loss by 5% to P2.13 billion, aided by a slowdown in expenses.

Despite these challenges, ABS-CBN has highlighted some successes this year, such as the production of “Rewind,” which has become the highest-grossing Filipino film of all time.

The company also noted the popularity of long-running programs like “Batang Quiapo” and “It’s Showtime,” as well as the success of the all-girl pop group BINI.

In an effort to adapt to changing market conditions, ABS-CBN has shifted its focus to digital platforms.

A recent content-sharing agreement with Villar-owned Advanced Media Broadcasting System allows ABS-CBN to air classic television series on ALLTV, further expanding its reach in the free-to-air space.(CMM)

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• # ABS-CBN Corporation
• #Retrenchment
• #Mary Ann Francis Toral
• #ABS-CBN
• #Philippine Media