Saturday, June 3, 2017 12:05 am
Continental Broadcasting Services Ltd. (CBS), owners of Television Continental, TVC and Radio Continental has announced the shutdown of TVC News Africa in its stable and the layoff of 145 of its workforce.
A statement by the management of the media outfit said that the decision was parts of its effort to restructure its enterprise.
“The winding down of TVC News Africa will allow us concentrate on these key areas of our business. We wish to make clear that our core channels consisting of TVC News Nigeria, TVC Entertainment and Radio Continental will now become the main focus of our business going forward where we will deliver high quality news and entertainment programmes to our audiences and advertisers across Nigeria and beyond.”
According to the statement, the restructuring is geared towards repositioning the business for better and greater delivery of its services to audiences and advertisers alike, adding that the exercise would enable the management to reconfigure its workforce as part of the rationale to achieve its objectives.
The statement said that that the CBS Board of Directors also approved substantial new investment in its staff across the group of companies which will enable it substantially enhance its news and current affairs output on TVC News, entertainment programming on the market leading TVC general entertainment channel and the key radio asset, Radio Continental.
“For those staff members affected by today’s announcement the Board of CBS Ltd. has approved a generous severance package in addition to a programme of assistance to enable them seek new employment,” the statement said.