ABS-CBN Corp. plans to let go of around 200 employees, or about 7 percent of its workforce, as the company deals with lower advertising income and weaker consumer spending during a challenging year for the media and entertainment industry.
In a statement released Tuesday, ABS-CBN said the decision came after a careful review of its operations. The company said the move is intended to protect its financial stability while it continues working to rebuild and expand its business as a global content and storytelling company.
ABS-CBN said it was a difficult decision, but the retrenchment program was necessary to keep the company financially stable and prepared for its next stage of growth.
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