TVB to retrench close to 200 staff after suffering big losses

TVB's 'Big White Duel 2' was released in 2022. Photo: Handout

Hong Kong broadcaster TVB announced recently that due to heavy losses, it will cut 5% of its staff as well as trim on production costs.

This is the company's bid to save HK$260mil (RM147mil) in annual operating expenses.

“In total, approximately 5% of employees will be affected by lay-offs, and the company will provide reasonable compensation to those impacted in accordance with the Hong Kong Employment Ordinance,” TVB's chief executive officer Thomas Hui To said in a memo to staff on March 24.

South China Morning Post reported that TVB employs 3,900 workers, including contract artistes and staff in overseas subsidiaries. This means some 200 staff will be retrenched.

“We understand that these changes will impact some employees, but we believe that these measures are necessary to maintain the company’s competitiveness,” he added.

Hui also said that shows that do not get the desirable ratings and viewership will be axed.

"At the same time, [we] will reduce our dependency on outsourced workers and rely on our own creative abilities and resources to produce works of the same standard within a reasonable budget," he said, adding that the cutbacks was a tough decision to make for the company.

According to The Standard, the broadcaster – which was founded in 1967 – issued a profits warning in early March, saying losses this year are expected to hit as much as HK$830mil (RM468mil), which would be the worst on record.