Media giant ABS-CBN Corp. on Tuesday announced that its long-running television channel TeleRadyo will cease its operations on June 30 – about three years after it lost its free-to-air and cable TV franchises when Congress turned down its renewal--
– about three years after it lost its free-to-air and cable TV franchises when Congress turned down its renewal under the Duterte administration.
“Under the agreement, ABS-CBN will have a minority stake in the joint venture, and Prime Media Inc. will be the majority stakeholder,” ABS-CBN said. This will expand Prime Media’s business segments and provide streams of revenue such as equity investment and share in future projects, it said. Prime Media is trading under the PSE ticker symbol “PRIM.”
“It is also a way to continue providing accurate and balanced news and information to the country,” ABS-CBN said.
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