ABS-CBN to cut 200 jobs despite P6 billion capital infusion

ABS-CBN Corporation has announced a retrenchment program affecting approximately 200 employees, representing 7% of its workforce. The company cited a difficult year for the content industry, attributing weak advertising and consumer spending to high inflation, low economic growth, and the Middle East conflict.

Despite the layoffs, the network is set to receive P6 billion in fresh capital through 2026. This investment will arrive in tranches as existing owners and new investors finalize terms. I&C Holdings Corp. is expected to provide the bulk of the funding, contributing P3.5 billion, with the remainder coming from various branches of the Lopez family and Lopez Inc.

President and CEO Carlo Katigbak informed staff during a town hall meeting that this would be the final retrenchment under his leadership. The company described the incoming capital as a “vote of confidence in the future of the company” as it continues its transition into a global storytelling entity.