Philippine media company ABS-CBN Corporation is implementing a fresh wave of job cuts affecting around 230 workers as part of a broader push to stabilize its financial health and overhaul operations following the entry of fresh capital.
Addressing staff during a Tuesday morning town hall on September 15, ABS-CBN President and Chief Executive Officer Carlo Katigbak reassured employees that the Lopez family will retain controlling leadership.
While incoming investors will secure seats on the board, Katigbak and Chairman Mark Lopez will continue in their current executive roles.
The workforce reductions will impact various business divisions across the firm. Addressing the restructuring, Katigbak explained that while cost reduction by itself will not solve the company’s financial troubles, workforce cuts have become essential to ensure the business survives.
He added that this would mark the final retrenchment program under his leadership, while executives expressed regret over previous failures to adequately support staff during ongoing transitions.
The company’s primary focus remains rescuing its traditional broadcasting segment, which continues to generate the bulk of top-line revenue while simultaneously driving the firm’s heaviest financial losses amid a challenging advertising market.
Looking ahead, ABS-CBN plans to build out its digital presence over the medium term, though leadership noted natural ceilings on digital market dominance. For its long-term strategy, the company aims to establish a international presence, pointing to a strategic partnership with a Hollywood studio to release a global feature film next year.
Management noted that creditors have reacted favorably to the recent capital infusion. ABS-CBN confirmed that foreclosure risks have been neutralized as debt restructuring discussions with lenders reach their final phases.