#ICYMI: ABS-CBN to retrench around 200 employees

The company cited weaker ad spending tied to inflation and the Middle East conflict.

Statement from ABS-CBN

ABS-CBN cuts jobs amid downturn

ABS-CBN announced it will implement a retrenchment program affecting around 200 employees, or about 7 percent of its workforce, citing the need to keep the company on strong financial footing.

In an official statement from ABS-CBN Corporate Communications, the company said it continues to grow its content business, with its shows, films, music, and events reaching more people across platforms in the Philippines and around the world, as it works to rebuild and recreate itself as a global storytelling company.

It said new investments in the company reflect confidence in its future and will support its recovery.

However, ABS-CBN said it has been a difficult year for the content industry, pointing to the Middle East conflict, high inflation, and low economic growth as factors behind weaker advertising and consumer spending that have affected its recovery efforts, challenges it expects to continue.

The company said the retrenchment decision came after careful review and acknowledged that it will deeply affect employees and their families, saying it intends to manage the process with compassion for its employees, whom it refers to as "Kapamilya."

ABS-CBN also expressed gratitude to its employees for their dedication, passion, and service to the company and the Filipino people.

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Source: ABS-CBN