ABS-CBN's TeleRadyo to cease operations in June
ABS-CBN's TeleRadyo will be ceasing its operations on June 30 amid financial losses since 2020.
"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," ABS-CBN said in a statement.
To cushion the blow, ABS-CBN is entering into a joint venture with Prime Media Holdings Inc. to produce various programs.
The programs will be supplied to broadcasters and other third-party platforms, like the Philippine Collective Media Corporation owned by House Speaker Martin Romualdez.
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," the network said. "It is also a way to continue providing accurate and balanced news and information to the country."
TeleRadyo was a pay television channel on cable providers, which was simulcast on ABS-CBN's flagship AM radio station DZMM 630. It started streaming on YouTube in 2021, as ABS-CBN went off the air in May 2020 after Congress junked its petition to renew its franchise.
Since then, ABS-CBN has not only utilized online platforms to stream its content but also partnered with television networks like TV5 and GMA to create content.