In a statement, ABS-CBN, which lost its franchise in 2020, said it can no longer sustain the operations of Teleradyo, which is one of its news channels.
“TeleRadyo has been incurring financial losses since 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,” it said.
“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,” it added.
The company said that in order to provide job opportunities to those who will be affected by the closure of Teleradyo, it will enter into a joint venture with Prime Media Holdings Inc., which will produce various programs that will 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 the majority stakeholder.
ABS-CBN said this is also to ensure the continuous provision of accurate and balanced news and information to the country.
ABS-CBN, one of the major television stations in the country, went off air on free TV in May 2020 after the Congress rejected its franchise renewal application to various violations, including alleged non-payment of right taxes.
It has then entered into block time deals with other media networks such as Zoe Broadcasting Network and TV5 to enable some of its shows to return to free TV.
In September, it announced the termination of its supposed investment agreement with TV5 Network Inc. seeking the acquisition of 34.99 percent interest of the latter.
This came after the supposed partnership between the two companies were criticized by several members of the House of Representatives who sought probe into the matter over possible violations of the law.
Among the issues raised were the ownership of TV5, as well as the block time agreement particularly of the ABS-CBN’s national news program TV Patrol. (SunStar Philippines)