Company cites economic struggles; investor arm CEO also resigns.
ABS-CBN is terminating over 200 employees, or about 7% of the company, amid reported economic difficulties.
In a statement on September 15, the media giant announced a retrenchment program to keep the company on “strong financial footing.” The round of layoffs will impact around 200 employees, representing roughly 7% of the current company workforce.
“It has been a difficult year for the content industry. The Middle East conflict, high inflation, and low economic growth have led to weaker advertising and consumer spending. These events have affected our recovery efforts and we expect these challenges to continue.”
The retrenchment marks the third mass layoff at ABS-CBN in the past six years.
In 2020, ABS-CBN let go of 5,000 employees—nearly half of its 11,000-person workforce at the time—after being denied a legislative broadcast franchise under former president Rodrigo Duterte.
The company once again retrenched around 100 employees in 2024, roughly 3% of its 3,300-person workforce then, amid financial difficulties.
The conglomerate also shut down its “DZMM TeleRadyo” channel in May 2023, affecting 68 personnel. The channel was eventually rebranded as “TeleRadyo Serbisyo” under Prime Media Holdings, but the DZMM branding was restored in 2025.
Aside from the anticipated layoffs, ABS-CBN Holdings Corp. CEO Salvador G. Tirona also resigned on September 14. The longtime Lopez Group finance executive left the media group for “personal reasons.” The holding company manages ABS-CBN’s shares underlying Philippine Depositary Receipts issued to investors.
The developments come as the company prepares for new capital infusions to help cover reported losses. Earlier this month, ABS-CBN announced plans to increase its authorized capital stock. The company tripled its authorized capital to ₱4.5 billion by adding 4.24 billion common shares and 1.3 billion preferred shares. The addition is expected to infuse around ₱6 billion into the company.
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