ABS-CBN announces TeleRadyo to cease operations on June 30

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Metro Manila (CNN Philippines, May 23) — ABS-CBN announced on Tuesday that it would cease the operations of TeleRadyo by the end of June as it could no longer sustain the channel.

"TeleRadyo has been incurring financial losses since 2020," the media company said in a statement.

"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," it added.

The channel was launched in 2007, and was then called DZMM TeleRadyo.

ABS-CBN also disclosed that it would form a joint venture with Prime Media Holdings, Inc., a listed company being led by House Speaker Martin Romualdez, first cousin of President Ferdinand Marcos Jr.

The RYM Business Management of the Romualdez family acquired majority stake in Prime Media almost a decade ago, allowing it to expand its portfolio outside mining and real estate.

According to earlier reports, Romualdez was targeting to boost RYM Business Management’s media presence.

ABS-CBN said its deal with Prime Media seeks to produce programs to be supplied to broadcasters and other third-party platforms including Philippine Collectivemedia Corporation.

"Under the agreement, ABS-CBN will have a minority stake in the joint venture, and Prime Media Inc. will be a majority stakeholder," said the statement.

The venture will allow some of TeleRadyo's former personnel to find jobs.

"It is also a way to continue providing accurate and balanced news and information to the country," it said.

Meanwhile, the National Union of Journalists of the Philippines (NUJP) said the media company should ensure benefits and aid will be given to the staff who will now be looking for new jobs.

"We call on the ABS-CBN management to ensure not only that the TeleRadyo staff are given the commensurate benefits due them but that they are also assisted in looking for employment within or outside ABS-CBN," the group said in a statement.

The NUJP also said ABS-CBN should "remain independent and committed to reporting only the truth."

ABS-CBN went off the air in May 2020 after the National Telecommunications Commission ordered the network to stop operations due to the expiration of its legislative franchise.

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