BUSINESS
Advocates Philippines
ABS-CBN Announces Closure Of TeleRadyo
Photo credit: Teleradyo / FB
In an announcement made today, ABS-CBN, one of the leading media conglomerates in the Philippines, revealed important developments concerning its popular news channel, TeleRadyo.
According to ABS-CBN, TeleRadyo has faced financial challenges since 2020. Despite efforts to sustain its operations, ABS-CBN has regrettably reached a point where it can no longer continue supporting TeleRadyo due to mounting losses.
As a result, the company has made the difficult decision to cease the operations of TeleRadyo, effective June 30, 2023, in order to prevent further business setbacks.
The closure of TeleRadyo marks a sorrowful moment for ABS-CBN, as it means parting ways with the dedicated and passionate individuals who have played a pivotal role in making TeleRadyo a trusted source of news and information for countless Filipinos.
Nevertheless, ABS-CBN remains committed to finding alternative avenues to deliver news to the public.
To achieve this, the company has entered into a joint venture with Prime Media Holdings Inc., a media company with extensive experience in the industry. The newly formed partnership aims to produce a wide range of programs, which will be distributed to various broadcasters and third-party platforms, including the Philippine Collectivemedia Corporation.
Under the terms of the agreement, ABS-CBN will hold a minority stake in the joint venture, while Prime Media Inc. will serve as the majority stakeholder.
According to ABS-CBN, TeleRadyo has faced financial challenges since 2020. Despite efforts to sustain its operations, ABS-CBN has regrettably reached a point where it can no longer continue supporting TeleRadyo due to mounting losses.
As a result, the company has made the difficult decision to cease the operations of TeleRadyo, effective June 30, 2023, in order to prevent further business setbacks.
The closure of TeleRadyo marks a sorrowful moment for ABS-CBN, as it means parting ways with the dedicated and passionate individuals who have played a pivotal role in making TeleRadyo a trusted source of news and information for countless Filipinos.
Nevertheless, ABS-CBN remains committed to finding alternative avenues to deliver news to the public.
To achieve this, the company has entered into a joint venture with Prime Media Holdings Inc., a media company with extensive experience in the industry. The newly formed partnership aims to produce a wide range of programs, which will be distributed to various broadcasters and third-party platforms, including the Philippine Collectivemedia Corporation.
Under the terms of the agreement, ABS-CBN will hold a minority stake in the joint venture, while Prime Media Inc. will serve as the majority stakeholder.
May 23, 2023
