If you like watching Chinese shows, there is no way you’ve not heard of TVB. Otherwise known as Television Broadcasts Limited, TVB is a major television broadcasting company located in Hong Kong. Unfortunately, the company recently revealed some bad news.
Today (24th March), TVB’s Chief Executive Officer Thomas To Hui (许涛) announced that TVB would be laying off 5% of its employees, which will reportedly affect about 200 TVB staff members. This is to allegedly make up for the loss sustained by the company at the end of last year.
TVB revealed last week that they had lost HK$790 million to HK$830million (~RM445 million to RM468 million) at the end of last year. This was allegedly more than the previous year when they totaled a loss of HK$647 million (~RM364 million). The company also reportedly chalked up their loss to weak advertising sales and depreciation in current investments.
As such, Thomas stated that they will be letting go of 5% of their employees, estimated to be around 3907 people. This is allegedly to save them over HK$200 million (~RM112 million) in annual operating expenses. TVB will also allegedly be restructuring their human resources for their cost optimisation plan.
This unfortunately affects their programs. Thomas added that shows which do not reach meet expected ratings and economic targets will be cut. TVB is also allegedly planning to reduce outsourcing workers and look internally for resources to keep to their budget.
Thomas claimed that the decision had not been an easy one for TVB. However, it was part of their duty in managing the company and ensuring the funds were correctly distributed. Thomas added that he believes the move is necessary to continue competing in the market.
