TVB to cut 300 staff as it restructures broadcasting and e-commerce businesses

Television Broadcasts Limited (TVB) announced Monday that it is restructuring its TV broadcasting and e-commerce businesses - including combining two channels and operating a four-channel line-up only - and is set to reduce the headcount by about 300 employees.

TVB said it will create a new “TVB+” channel by merging the contents of J2 and Finance, Sports & Information (FSI) channels. Finance-related content will be reallocated to the existing Jade and the planned TVB+ channels.

As the overall production of programming hours will be shortened and over 200 staff will be laid off, the arrangement is expected to save a further HK$100 million in content cost in 2024. 

For the e-commerce business, TVB will merge the Ztore online platform with Neigbuy next month and expects to eliminate at least HK$50 million in annual fixed costs and overheads from the e-commerce business. 

The Ztore website and mobile app will cease to operate on December 19 and approximately 100 staff will leave the company.

TVB said it had submitted the restructuring plan to the Communications Authority on Monday.

(Staff reporter and AAStocks)