Hong Kong’s TVB to lay off 5 per cent of staff, shave production costs to save HK$260 million annually

TVB executive chairman says measures part of ‘cost rationalisation programme’ to cope with economic impact of coronavirus pandemic and industry changes

Certain positions to be terminated without replacement, while strict controls will be placed on indirect costs such as rents and outsourced work expenses, he adds

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TVB City in Tseung Kwan O. Photo: K. Y. Cheng

Published: 10:47am, 24 Mar 2023Updated: 10:26pm, 24 Mar 2023

Hong Kong’s biggest free-to-air television station has announced it will cut 5 per cent of its staff and slash production costs in a bid to save HK$260 million (US$33.1 million) in annual operating expenses.

The measures were part of TVB’s “cost rationalisation programme” to cope with the economic impact of the coronavirus pandemic and the increasing demands placed on the wider industry, executive chairman Thomas Hui To on Friday told staff in a memo.

“In total, approximately 5 per cent of employees will be affected by lay-offs, and the company will provide reasonable compensation to those impacted in accordance with the Hong Kong Employment Ordinance,” he said.

“We understand that these changes will impact some employees, but we believe that these measures are necessary to maintain the company’s competitiveness.”

The company’s interim annual report last year said it had about 3,900 employees, including contract artists and staff in overseas subsidiaries.

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