ABS-CBN Corp.’s first-quarter losses were reduced by 18% as a result of cost-cutting initiatives and a sizeable gain from asset sales.
The Lopez-led media corporation reported in its most recent financial report that, from January to March 2024, its net losses dropped to P994 million from P1.21 billion over the same period the previous year.
Even with the overall revenue dropping by 4% to P4.08 billion, this progress was nevertheless made. P1.45 billion in cable TV and broadband revenue fell by 23%, which was a major contributing factor to the decline. That being said, P2.63 billion in revenue from content production and distribution increased by ten percent.
Reduced expenditures and expenses, down 2% to P5.28 billion, more than made up for the decline in revenue.
Moreover, ABS-CBN’s other incomes increased threefold to P437 million, mostly as a result of a P414.68 million gain on the sale of its retained noncurrent assets.
Consolidated earnings before interest, tax, depreciation, and amortization (EBITDA) for the company came to P36 million during the quarter, a considerable increase over a P129 million loss the previous year.
Partnerships and Digital Transformation:
ABS-CBN has been broadcasting its programming on digital channels and in collaboration with other media businesses since 2020, when it lost its free TV franchise.
Notably, because of their good working relationship, longtime rival GMA Network Inc. recently said that additional collaborative initiatives should be anticipated.
The TV show “Unbreak My Heart,” which stars talent from both networks, was the subject of a historic co-production agreement between ABS-CBN and GMA last year.
Together, the two businesses will also air select on-demand shows on ABS-CBN’s iWantTFC platform in addition to GMA’s overseas channels, GMA Pinoy TV, GMA Life TV, and GMA News TV.
Classic TV shows from the Kapamilya network will be aired on ALLTV according to a content-sharing deal that ABS-CBN and Villar-owned Advanced Media Broadcasting System in April.
This partnership strengthens ABS-CBN’s position in the free-to-air TV market and adds to its current blocktime leasing agreements with TV5, GMA, and A2Z.
