ABS-CBN partners with group owned by Martin Romualdez, one of the congressmen who voted for rejection of ABS-CBN’s franchise renewal.
ABS-CBN announced that it will cease the operations of Teleradyo by June 30, 3023 since it could no longer sustain the news channel.
Given that Teleradyo was not performing well financially, the Kapamilya network decided that it was no longer sustainable to continue operating this news channel which was launched in 2007.
Teleradyo played a significant role in ABS-CBN’s offerings. It was known for its round-the-clock news and public service segments.
A statement released on May 23 stated the reason for this closure: “TeleRadyo 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.
“The company is deeply saddened by this closure and having to part ways with the many passionate and committed Filipinos who have made TeleRadyo an important source of news and information for many Filipinos.”
Formerly called DZMM TeleRadyo before going off the air, TeleRadyo produced shows such as Kabayan with Noli de Castro, Headline Pilipinas, Dr. Love Always and Forever, and S.R.O. among others.
Teleradyo’s closure takes place three years after ABS-CBN’s congressional franchise to operate its TV and radio stations expired in 2020.
Joint venture with Romualdez media group
While TeleRadyo will cease operations, ABS-CBN’s board approved a joint venture deal with Prime Media Holdings Inc., which has a congressional franchise.
Prime Media is a subsidiary of RYM Business Management Corp., a holding firm owned by House Speaker Martin Romualdez who is a first cousin of incumbent President Ferdinand Marcos Jr.
In its dislosure to the Philippine Stock Exchange (PSE) on May 23, ABS-CBN revealed that under the joint venture, ABS-CBN will own a minority stake (49% equity) while Prime Media Inc. will be the majority stakeholder (with 51% equity).
The new company will produce various programs which will be supplied to broadcasters and other 3rd party platforms, including the Philippine Collectivemedia Corporation.
The former television network says that the move will allow its former personnel “a chance to find job opportunities. It is also a way to continue providing accurate and balanced news and information to the country.”
It will be recalled that Martin Romualdez was one of the 70 congressmen who voted to reject ABS-CBN’s application for a new franchise which would have allowed it to continue broadcasting on free TV and radio.
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