ABS-CBN on its way to recovery after shutdown

ABS-CBN CEO and president Carlo Katigbak on Thursday said that the company will be continue serving the Filipino people through “core capabilities” even without a franchise, hoping that it would come out of the crisis “better, stronger and more successful.”

The House of Representatives denied ABS-CBN’s franchise application that would’ve given the company 25 more years to operate. The company has now put all attention on programs so its audience can still be entertained and informed.

“Now more than ever, we can focus on our core capabilities, creating programs to entertain, inspire and give joy for Filipino families and delivering news that informs, educates and helps our Kababayan especially in their time of need,” Katigbak said during the company’s virtual stockholders’ meeting.

“Nothing can take away our spirit of service. Our passion to serve Filipinos continues to burn brightly in our hearts and our commitment to the public is to continue to find ways to serve you,” he added.

ABS-CBN is able to reach its audience thanks to cable TV and satellite partners. Platforms like Facebook, YouTube, and its own website have proven to be significant as well.

In order for operations to continue, certain measures were posited, which saw nearly 5,000 employees retrenched.

Those who still work with the company had to take pay cuts.

“Thank you to those who are leaving ABS-CBN for the years you have given to the company and for the service you have given to our audience,” Katigbak said.

“Thank you to those who are staying behind, believing in our future, and for enduring our sacrifice in order to continue serving the public,” he added.

ABS-CBN will be able to “save on cost” and give customers a single global product if its iWantTV and TFC streaming services will operate together.

“It will be a difficult journey until that time but our history has shown that ABS-CBN’s burning passion for service to the Filipino cannot be extinguished. We hope you share this passion with us and count on your continued presence on the road to rebuilding our beloved company,” Katigbak said.

Katigbak is grateful to the network’s shareholders for sticking with ABS-CBN even at a “most challenging time.”

The shutdown caused ABS-CBN Corp. a lot of money. The company saw a P3.93 billion in net loss between the January to June period.