3 years since ABS-CBN was shut down, the media giant continues to cut its losses as it announced that TeleRadyo will cease operations by June 30.
In its press statement, ABS-CBN explained that TeleRadyo has been incurring losses since 2020–the year when ABS-CBN lost its franchise. “The company is deeply saddened by this close 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,” it said.
While its closure is sad news for those looking for legitimate news sources, ABS-CBN assures that they will find job opportunities for former TeleRadyo personnel as they will enter into a joint venture with Prime Media Holdings Inc. The joint venture will produce various programs that will be supplied to broadcasters and other 3rd 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,” the statement adds. “It is also a way to continue providing accurate and balanced news and information to the country.”
TeleRadyo was launched back in 2007 as a news channel that complements the radio operations of DZMM.
You can read the whole statement of ABS-CBN regarding the shutdown of TeleRadyo below:
