Struggling Hong Kong broadcaster TVB to cut another 300 jobs, reduce number of channels to 4

Hong Kong's largest free TV network, TVB, is planning to cut down its workforce by over 300 employees, which is 8% of its total staff. The company is also reducing its TV channels from five to four. This decision comes after TVB faced financial losses for five consecutive years. By restructuring, TVB aims to save HK$100 million on content production and another HK$50 million to HK$60 million in yearly expenses by 2024. nnTVB had previously laid off 255 employees in March, leaving them with 3,599 full-time staff. The company's strategy is to streamline operations to become more efficient and profitable for its shareholders. They are merging their finance, sports, and information channel with the youth-oriented J2 channel to create 'TVB+', which will cater to a younger audience and provide content for digital platforms. TVB believes that this new channel will attract a larger audience and offer better opportunities for advertisers. nnThe broadcaster is waiting for approval from the Communications Authority to proceed with the channel reduction, which they expect to receive in the first quarter of 2024. They also plan to merge their two e-commerce sites, resulting in an additional 100 job cuts. TVB's financial struggles have been exacerbated by declining viewership and ad revenues, further impacted by the COVID-19 pandemic and political unrest in 2019. The company reported significant losses in the first half of the year and has been in the red for the past five years. Their e-commerce sales also fell sharply due to decreased demand for pandemic-related products.