TVB’s general manager Stephen Chan Chi-wan (pictured) said he hoped this would be a one-off occurrence.
"This is a painful decision. None of us want this to happen, but we still have a responsibility to shareholders, and we are just trying to lessen any adverse effects," said Chan.
The termination affects all departments and levels mainly from the production side, including administrative, wardrobe, set construction, hair and make-up personnel.
“Some of the staffers have been with the company for 30 years,” said Chan.
Chan accepted that senior management of TVB could take a pay cut if economic condition got worst.
Layoffs have been expected since early November when Hong Kong’s second free-to-air broadcaster Asia Television (ATV) laid off 63 staff. According to ATV VP Kwong Hoi-ying, the layoffs were necessary due to declining advertising revenue.
TVB said that they hoped to re-recruit some of the laid-off staff once the economy improves.
The cutbacks come at despite TVB’s positive financial performance. It has recorded surpluses for the past five years, and in 2008 posted an interim profit of HK$500 million.
"This is a painful decision. None of us want this to happen, but we still have a responsibility to shareholders, and we are just trying to lessen any adverse effects," said Chan.
The termination affects all departments and levels mainly from the production side, including administrative, wardrobe, set construction, hair and make-up personnel.
“Some of the staffers have been with the company for 30 years,” said Chan.
Chan accepted that senior management of TVB could take a pay cut if economic condition got worst.
Layoffs have been expected since early November when Hong Kong’s second free-to-air broadcaster Asia Television (ATV) laid off 63 staff. According to ATV VP Kwong Hoi-ying, the layoffs were necessary due to declining advertising revenue.
TVB said that they hoped to re-recruit some of the laid-off staff once the economy improves.
The cutbacks come at despite TVB’s positive financial performance. It has recorded surpluses for the past five years, and in 2008 posted an interim profit of HK$500 million.
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