ABS-CBN has announced that TeleRadyo, one of its news channels will officially cease operations due to “financial losses” three years after the non-renewal of the network’s franchise in 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,” the network’s official announcement read.
The network added that it is deeply saddened for the employees who would lose their livelihood. When the mother company, ABS-CBN was shut down by the Duterte administration, about 11,0000 people lost their jobs.
To continue providing information to the public, the network said it would be “entering into a joint venture with Prime Media Holdings Inc.”
The new company is set to produce new programs which will be “supplied to broadcasters and [third] party platforms including Philippine Collectivemedia Corporation.”
The network will have a “minority stake” in the joint venture while Prime Media will be the majority stakeholder.
This venture is seen as an alternative solution for the impending job losses from the shutdown of the news channel.
TeleRadyo is a pay television channel carried by select cable providers in the Philippines. It is known for programs like Kabayan with Noli de Castro, Headline Pilipinas, S.R.O., Dr. Love Always and Forever, among others.
ABS-CBN shutdown
On May 5, 2020, ABS-CBN went off the air after the NTC ordered it to stop its television and radio operations. The network officially signed off at 7:52 pm, following the airing of its primetime newscast TV Patrol.
Apart from channel 2, its radio stations DZMM and MOR were also ordered to go off air.
The shutdown came at a crucial time when people needed credible sources of information as the Covid-19 pandemic hit the world.
The move of NTC was widely condemned by various sectors. Some senators said it was a “grave abuse of discretion” while the House Committee on Legislative Franchises argued that the NTC could be held in contempt for not issuing the network a provisional authority to continue operations.
