ABS-CBN announced today, May 23, important developments regarding TeleRadyo, one of its news channels.

The full statement:

"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 30 June 2023 to prevent further business losses.

"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.

"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 3^rd party platforms including Philippine Collectivemedia Corporation.

"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."