Hong Kong TVB announced a 5% layoff.

(European News Agency)

[Financial Channel/Comprehensive Report] Hong Kong Television Broadcasting Co., Ltd. (TVB) announced on Friday (24th) that it will lay off 5% of its staff and about 200 people, but TVB did not announce the departments and positions involved.

Xu Tao, the executive chairman of TVB, said that the company will introduce optimized cost and resource management plans, programs that fail to meet the expected ratings will be terminated, the company's human structure will be adjusted, and some positions will be terminated and will not be reset. Save HK$260 million (approximately NT$1.017 billion) in annual operating expenses.

Xu Tao pointed out that the epidemic and anti-epidemic measures have had a huge impact on the economy and the market, and there are still many challenges in Hong Kong's economic outlook.

The TV industry is also facing the baptism of the new era, and the demand for resources in new development fields is increasingly urgent.

In order to ensure that the company can adapt to market changes, it is decided to carry out cost optimization management in order to ensure the company's business stability and sustainable development.

Please read on...

Xu Tao pointed out that in terms of standardizing cost management, the old program production model will be transformed. Programs that fail to meet the expected ratings and economic benefits will be terminated. At the same time, the dependence on outsourcing work will be reduced, and work of the same quality will be completed at a reasonable cost.

In terms of human resources optimization, indirect costs will be strictly controlled, such as rent, outsourcing work and other expenses. Overall, about 5% of the employees will be laid off, and the company will provide reasonable compensation to the affected employees in accordance with the Hong Kong Employment Ordinance .

According to TVB's 2022 fiscal year interim report, TVB has a total of 3,907 full-time employees, that is, about 195 people will be affected by layoffs.

TVB, which is listed on the Hong Kong Stock Exchange, temporarily reported its stock price at 9.55 Hong Kong dollars at 2:09 pm on Friday, a drop of 13.18%.

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