Struggling Hong Kong broadcaster TVB to cut another 300 jobs, reduce number of channels to 4
- TVB says restructuring will result in savings of HK$100 million on content and HK$50 million to HK$60 million in e-commerce business
- Broadcaster has suffered five straight years of losses
Hong Kong’s biggest free-to-air broadcaster will lay off more than 300 staff, or 8 per cent of its headcount, and cut the number of its television channels to four as part of a restructuring plan following five straight years of losses.
The planned job cuts follow earlier lay-offs since March when the broadcaster axed 255 workers, or 6.5 per cent of its workforce, leaving 3,599 full-time staff as of June 30.
Television Broadcasts said the moves were a reflection of its efforts to optimise its services, “while creating a leaner and more cost-efficient organisation that can deliver superior returns to shareholders over the longer term”.
More than 200 staff will lose their jobs on the finance, sports and information channel, which will be merged with younger-audience-focused J2 into “TVB+”.