TeleRadyo to cease operations effective June 30

ABS-CBN’s TeleRadyo will be going off air effective June 30.

Courtesy: TeleRadyo FB

New joint venture following TeleRadyo’s closure

ABS-CBN announced in a statement on Tuesday that TeleRadyo will be ending its operations by June 30.

The decision was made due to financial losses the news channel has been incurring since 2020, the company said.

TeleRadyo has been incurring financial losses since 2020. Since ABS-CBN can no longer sustain TeleRadyo’s operations, ABS-CBN is left with no choice but to cease the operations of TeleRadyo effective 30 June 2023 to prevent further business losses, it explained.

ABS-CBN’s statement on the matter

Along with this closure is ABS-CBN’s announcement of a joint venture with Prime Media Holdings Inc.

The new company will produce various programs, which will be supplied to broadcast and other 3rd party platforms including Philippine Collectivemedia Corporation, the company said.

ABS-CBN will have a minority stake in the joint venture, while Prime Media Inc. will have the majority, it noted.

Aside from having another way of delivering news, ABS-CBN said the agreement will also give its former employees to find job opportunities.

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Via: ABS-CBN