MANILA, Philippines — The newly introduced CNN Philippines has cut around 70 jobs as it attempts to improve financials and earn profit.
CNN Philippines director Benjamin Ramos however clarified that “only about 30 junior employees were retrenched.”
The other 40 workers “were not let go, but their contracts expired and not renewed,” Ramos said in a text message.
The layoff happened 11 months after Nine Media Corporation of Antonio Cabangon-Chua and Turner Broadcasting System Asia Pacific entered a 5-year partnership, entitling Nine Media to carry the CNN brand in the Philippines starting early 2015.
Ramos said the retrenchment is part of its “adjustment period,” being a newcomer in the broadcasting industry.
“We started with 600 employees, now, we are making adjustments, improving news programs, and improving our financials,” Ramos said.
CNN Philippines operates from studio facilities in Manila and has replaced 9TV on the RPN network nationwide.
Cabangon-Chua in August bought the entire stake of the Tieng family in Solar TV Network, Incorporated, a deal which gave his group a 34% interest in Radio Philippines Network, Incorporated.
Through the acquisition, Solar News Channel was rebranded as 9TV.
Cabangon-Chua now owns 34% of RPN, while the Presidential Communications Operations Office holds a 20% stake. The other 32% is held by the Benedicto-controlled Far Eastern Managers and Investors, Incorporated.
In April this year, GMA-7 terminated the contracts of workers in its regional stations as part of the network’s streamlining efforts. (READ: Downsizing workforce inevitable as PH TV surfs the digital wave). – Rappler.com
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