Struggling TV station TVB cuts another 150 jobs in restructuring drive

It is trying to plug losses from its international business.

Hong Kong’s biggest television station TVB has fired another 150 staff members from its magazine arm, production facilities division, art subdivision and non-drama production in its attempt to bounce back into the black as part of its restructuring drive. 

The moves comes after a wave of layoffs that started in June when around 100 staff members were cut from the company.

“Whilst we will commit to long-term investments to upgrade our production, measures must be taken to reallocate our resources to meet new and developing business requirements,” the firm said.

TVB’s executive director and group CEO Mark Lee Po-on earlier said that the company would lay off about 200 staff members by end-2018. This translates to around 5% of the 3,900-strong workforce as the company embarks on a digital transformation plan to boost dismal earnings figures.

“The print edition of TVB Weekly will be replaced by a digital version; one drama studio will be shut down as a result of increasing shootings on location versus in studio; and non-drama production will streamline its operation,” the statement read.

TVB’s net profit crashed by more than half from $500m to $244m in 2017 with losses at its overseas pay TV operations falling by 32% to $53m. 

Photo from Srr - Own work, CC BY 3.0