MANILA, Philippines—Media giant ABS-CBN Corp. saw losses in 2020 surge over 400 percent to P13.5 billion after the Duterte administration shut down its main broadcasting business during a global health crisis and an economic recession.
The move brought consequences to a multitude of stakeholders, from investors and lenders to thousands of employees, their families and millions of viewers and listeners across the country.
This also forced ABS-CBN to slash 4,552 jobs, or nearly half its workforce, including 2,674 regular employees after Duterte’s allies in the House of Representatives allowed the company’s 25-year broadcast franchise to lapse on Ma…
Keep on reading: ABS-CBN loss hits P13.5B after Duterte shutdown campaign amid pandemic, recession