MANILA, Philippines — ABS-CBN Corp. is set to retrench about 200 employees, or 7 percent of its workforce, as the media and entertainment company faces weaker advertising and consumer spending amid a difficult year for the content industry.
In an official statement on Tuesday, ABS-CBN said it made the decision after a review of its operations as it sought to maintain its financial position while rebuilding the company as a global storytelling business.
“After careful review, we have made the difficult decision to implement a retrenchment program to keep ABS-CBN on strong financial footing,” the company said.
