The broadcast giant ABS-CBN announced on Tuesday that its DZMM TeleRadyo will cease operation by the end of June due to "financial losses."
In its statement, the company shared that the channel "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," it said.
"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," it added.
In the same statement, ABS-CBN said it is entering into a joint venture with Prime Media Holdings, Inc. to produce programs to be supplied to broadcasters and other third-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 a majority stakeholder," the statement read.
"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 information to the country."
The channel was launched in 2007 and was then called DZMM TeleRadyo.
In May 2020, ABS-CBN went off air after its 25-year franchise expired.
