TVB to lay off 5% of its workforce to slash operating expenses

The companys human structure will be adjusted, and some positions will be terminated and will no longer be reset. At the same time, indirect costs will be strictly controlled, such as rent and outsourcing work.

Thomas Hui, executive chairman of Television Broadcasts Limited (TVB), sent a letter to employees on March 24, disclosing the plan to introduce cost optimization and resource management solutions, with a goal of saving 260 million Hong Kong dollars in annual operating expenditures.

Statistics show that TVB has a total of 3,907 full-time employees, including contract entertainers and employees of overseas subsidiaries. This figure excludes directors and freelance staff.

Thomas Hui also stated in the open letter that the company will significantly adjust the program production budget, and transform the program production model, with some programs iling to meet the expected audience ratings and investment returns to be terminated.

Overall, about 5% of the broadcasters employees will be laid off under the newly announced plan.