If you like watching Chinese shows, there is no way you’ve not heard of TVB. Otherwise known as Television Broadcasts Limited, TVB is a major television broadcasting company located in Hong Kong. Unfortunately, the company recently revealed some bad news.
Today , TVB’s Chief Executive Officer Thomas To Hui announced that TVB would be laying off 5% of its employees, which will reportedly affect about 200 TVB staff members. This is to allegedly make up for the loss sustained by the company at the end of last year.TVB revealed last week that they had lost HK$790 million to HK$830million at the end of last year. This was allegedly more than the previous year when they totaled a loss of HK$647 million .
As such, Thomas stated that they will be letting go of 5% of their employees, estimated to be around 3907 people. This is allegedly to save them over HK$200 million in annual operating expenses. TVB will also allegedly be restructuring their human resources for their cost optimisation plan.This unfortunately affects their programs. Thomas added that shows which do not reach meet expected ratings and economic targets will be cut.