ABS-CBN TeleRadyo to cease operations effective June 30

ABS-CBN has just announced that one of its signature news channels, TeleRadyo, will be ceasing operations effective June 30, 2023.

In a press statement released today, the media giant said that ABS-CBN could no longer sustain the channel’s operations given that TeleRadyo had been incurring financial losses since 2020.

“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,” says ABS-CBN.

While TeleRadyo will cease operations, ABS-CBN shared that it is entering a joint venture with Prime Media Holdings Inc. The new company will produce various programs which will be supplied to broadcasters and other 3rd party platforms, including the Philippine Collectivemedia Corporation.

Under the joint venture, ABS-CBN will own a minority stake while Prime Media Inc. will be the majority stakeholder.

The former television network says that the move will allow its former personnel “a chance to find job opportunities”, as well as create a way for “accurate and balanced news” to continue to be delivered to the country.

You can read the full press statement below:

It can be recalled that ABS-CBN had been struggling for the past three years to stay afloat following the loss of its franchise back in 2020.

They have since shifted from being a television network to more of a ‘content creator’ media company (as reported in the Philippine Star).