By Gabriela Baron
ABS-CBN’s TeleRadyo will cease operations beginning June, citing financial losses, the broadcast giant announced Tuesday, May 23.
In a statement, ABS-CBN said the program “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,” its statement read.
“The company is deeply saddened by this closure and having to part ways with the many passionate and committed people who have made TeleRadyo an important source of news and information for many Filipinos,” it further read.
ABS-CBN also announced that it will enter into a joint venture with Prime Media Holdings Inc. to continue producing various programs under third-party platforms.
“Under the agreement, ABS-CBN will have a minority stake in the joint venture, and Prime Media Inc. will be the majority stakeholder,” its statement also read.
“This gives some of our former personnel a chance to find job opportunities. It is also a way to continue providing accurate and balanced news information to the country.”
ABS-CBN was forced to cease its broadcast operations last May 2020 after its 25-year franchise expired.– ag
