This is AI generated summarization, which may have errors. For context, always refer to the full article. The former broadcast giant is letting go of 3% of its roughly 3,300 workforce, after retrenching over 5,000 in 2020 following the loss of its legislative franchise“The company has made the difficult decision to retrench around 100 or about 3% of its workforce,” the company said in a statement shared with Rappler on Wednesday, October 16.
According to several ABS-CBN News employees, the decision was announced in a meeting on Tuesday, October 15. The retrenchment affects the whole company, not just its news division. which affected 68 personnel. Some of the affected employees went on to be rehired by House Speaker Martin Romualdez’s Prime Media under aABS-CBN said the “TV industry as a whole has been hurt by lower consumer spending which translated into lower advertising spends.” In addition, the company said it “is also being affected by the global decline in pay TV business.