ABS-CBN employees light candles in solidarity as the network’s darkest hour came in May 2020. INQUIRER file photo / Edwin Bacasmas
MANILA, Philippines — ABS-CBN on Tuesday announced that TeleRadyo, which formerly airs dzMM programs, would cease operations on June 30 due to financial losses.
“TeleRadyo has been incurring financial losses since 2020,” the network said in a statement.
“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,” it added.
In a related development, ABS-CBN also said it is entering into a joint venture with Prime Media Holdings Inc., in which ABS-CBN will have a minority stake while Prime Media Inc. holding is the stakeholder majority.
“This gives some of our former personnel a chance to find job opportunities,” the ABS-CBN said.
On May 5, 2020, the National Telecommunications Commission (NTC) issued a Cease and Desist Order against ABS-CBN, directing the network to stop operating its nationwide television and radio broadcasting stations due to the “absence of valid Congressional Franchise required by law.”
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NTC orders ABS-CBN to stop broadcast operations