ABS-CBN has announced that it will be ceasing the operations of its internet radio arm TeleRadyo on June 30.
“TeleRadyo has been incurring financial losses since 2020,” the media company said in a statement.
“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 network added.
The channel was launched in 2007 as DZMM TeleRadyo.
The network also announced that it will be entering a joint venture agreement with Prime Media Holdings, Inc. to produce programs to be supplied to broadcasters and other third-party platforms including Philippine Collectivemedia Corporation.
“Under the agreement, ABS-CBN will have a minority stake in the joint venture, and Prime Media Inc. will be a majority stakeholder,” the statement added.
The network said that the venture will allow some employees to retain their jobs.
“It is also a way to continue providing accurate and balanced news and information to the country,” it said.
