TV5 retrenches 107 workers
TV5 Networks Inc. has retrenched over a hundred employees as part of the network’s digitalization strategy.
TV5 president and chief executive Emmanuel Lorenzana told reporters 107 employees availed the company’s voluntary manpower reduction program.
“We did not force people to leave, we offered them a very attractive package. They have the choice to actually take it or stay. So, it’s not a force reduction program,” Lorenzana said.
“We’re changing the business process on how we do things, we are pushing digital. So, it’s a matter of matching the needs of the network for the future,” he added.
The network currently has 950 employees.
Lorenzana said he was optimistic about the outlook of the network amid “stable” ratings.
“We gonna have a lot of exciting news to tell you around October or November,” he said.
Lorenzana earlier said the network’s media center would be completed by September next year.
TV5’s Media Center is a 63,000 square-meter area, comprising of one nine-story corporate building and two eight-story structures of office spaces, TV production and post-production centers, radio booths, and other cutting-edge broadcast facilities.
MediaQuest Holdings Inc. bought TV5 in 2009 from the Cojuangco family for P4 billion, and acquired MPB Primedia of Malaysia, a TV5 major block-timer, for $16 million.
MediaQuest’s investments in TV5 was in line with its strategy of developing media, content and production resources to complement its other media assets and platforms such as Cignal, a direct-to-home satellite service launched in 2010.
Media Quest is owned by the Beneficial Trust Fund of Philippine Long Distance Telephone Co., which has interest in Nation Broadcasting Corp., Philippine Star, Philippine Daily Inquirer, Business World and Unitel Group.
Earlier, ABS-CBN Corp., the broadcast network of the Lopez group, implemented a “voluntary retirement” offer to employees nationwide, as the company shifts into digital from analog services.
ABS-CBN chief finance officer Rolando Valdueza had said less than 200 employees would be affected nationwide during the ongoing digitalization of the company.
The network currently has about 8,500 employees, including those of units ABS-CBN Global and Sky Cable Inc.
PLDT also cut about 5 percent to 6 percent of its workforce of 17,496 employees as of end-2014 due to digitalization.
“This is part of our efforts to align the skills and expertise of our workforce with the changing requirements of our business. Some old skills are no longer needed or no longer needed as mush as before,” PLDT spokesman Ramon Isberto earlier said.