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TVB to lay off 350 employees to cut costs amid protests, recession
Group CEO Mark Lee says advertising, television broadcasting, newspapers and other media have been adversely affected by ongoing protests Source says TVB chairman Charles Chan is expected to step down in early January next year
Hong Kong’s dominant free-to-air broadcaster Television Broadcasts Limited (TVB) is trying to cut heavy losses after months of
anti-government protests
by laying off 350 employees, or 10 per cent of its workforce, while a management reshuffle at the top is also expected.
In an internal statement sent to its staff on Monday, TVB group CEO Mark Lee Po-on quashed rumours the loss-making company would axe some 1,000 employees, but revealed that the figure would be 10 per cent of its workforce, excluding artists.
The broadcaster slipped into the red for the first time in a decade last year, recording a net loss of HK$199 million (US$25.5 million) compared with a profit of HK$243.6 million in 2017, due to a write-off on bond holdings issued by Chinese theatre operator SMI Holdings Group.
TVB chairman Charles Chan (left) and Mark Lee. Photo: Felix Wong
A source familiar with the situation said TVB chairman Charles Chan Kwok-keung was expected to step down in early January next year after the US$106 million loss arising from the investments was revealed in May.
Group CEO Mark Lee says advertising, television broadcasting, newspapers and other media have been adversely affected by ongoing protests Source says TVB chairman Charles Chan is expected to step down in early January next year
Hong Kong’s dominant free-to-air broadcaster Television Broadcasts Limited (TVB) is trying to cut heavy losses after months of
anti-government protests
by laying off 350 employees, or 10 per cent of its workforce, while a management reshuffle at the top is also expected.
In an internal statement sent to its staff on Monday, TVB group CEO Mark Lee Po-on quashed rumours the loss-making company would axe some 1,000 employees, but revealed that the figure would be 10 per cent of its workforce, excluding artists.
The broadcaster slipped into the red for the first time in a decade last year, recording a net loss of HK$199 million (US$25.5 million) compared with a profit of HK$243.6 million in 2017, due to a write-off on bond holdings issued by Chinese theatre operator SMI Holdings Group.
TVB chairman Charles Chan (left) and Mark Lee. Photo: Felix Wong
A source familiar with the situation said TVB chairman Charles Chan Kwok-keung was expected to step down in early January next year after the US$106 million loss arising from the investments was revealed in May.
