abs-cbn announced this Tuesday that they are about to stop operating TeleRadyo due to “financial losses” — this is three years after losing free TV and free radio due to the non-renewal of their franchise.
“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 June 30, 2023 to prevent further business losses,” the company said. in a statement to the Philippine Stock Exchange.
“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.”
TeleRadyo, a Philippine pay television channel was previously used by several cable providers in the Philippines while simulcasting programming on the former AM radio station DZMM 630.
It went off the air for a while on May 5, 2020 due to the cease-and-desist order of the National Telecommunications Commission on ABS-CBN channel 2, S+A, and MOR Philippines
It resumed its operation on 8th May 2020, to carry the former DZMM programmes. In June 2021, it starts a high-definition feed on YouTube and Facebook when broadcasting some shows on Kapamilya Channel and The Filipino Channel.
ABS-CBN will stop operations of TeleRadyo on June 30
“However, intending to find ways to continue providing news to the public, ABS-CBN is entering into 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 Philippine Collectivemedia Corporation,” ABS-CBN continued in the statement.
“Under the agreement, ABS-CBN will have a minority stake in the joint venture, and Prime Media Inc. will be the majority stakeholder. This gives some of our former personnel a chance to find job opportunities. It is also a way to continue providing accurate and balanced news and information to the country.”
Thousands lost their jobs when ABS-CBN lost its free television. Former President Rodrigo Duterte said in August 2018 that he would not renew the company's legislative franchise.
It was only in January 2022 that former Sen. Manny Villar transferred the former frequencies of ABS-CBN to the Advanced Media Broadcasting System (AMBS).
Aside from online platforms, some programs produced by ABS-CBN are now aired on other free television networks such as A2Z and tv5.
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