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Business

ABS-CBN to close more business units

Richmond Mercurio - The Philippine Star

MANILA, Philippines — Media company ABS-CBN is closing permanently more ventures this month following the denial of its bid to secure a broadcast franchise last month.

ABS-CBN said its experience and retail businesses are shutting down their operations for good by Aug. 31.

These businesses include the Studio Tours, ABS-CBN Store, Hado Pilipinas, Heroes Burger, and ABS-CBN Studio Experience.

“These ventures are part of ABS-CBN’s services to Filipino families affected by the denial of its broadcasting franchise by the House of Representatives last July 10,” the company said.

Studio Tours, an in-demand service inside the ABS-CBN compound since 1997, welcomes local and foreign audiences and conducts educational tours inside the network studios where visitors get to see behind-the-scenes exclusives in the production of various programs.

The ABS-CBN Store, for its part, offers a huge assortment of the network’s program, celebrity and network merchandise.

Meanwhile, the country’s pioneer studio city located in TriNoma, the ABS-CBN Studio Experience, is closing down after two years of housing physical attractions and digital innovations.

The indoor theme park allowed thousands of Filipino families to experience ABS-CBN shows through various attractions.

The organic burger joint Heroes Burger, which started in 2018, is also discontinuing its operations.

Hado Pilipinas, another experience business of ABS-CBN, is officially ending its journey just a year after it was launched.

ABS-CBN earlier said it would be reducing investments in non-core activities as it focuses on businesses that generate growth in revenues following the non-renewal of its broadcast franchise.

It previously announced the closure KidZania Manila effective Aug. 31 after five years of providing a learning experience for children, as well as the closure of ACJ O Shopping Corp., its joint venture with Korea’s CJ ENM Co. Ltd., towards the end of the year.

ABS-CBN Tulong Center likewise announced its closure this month after giving free legal and medical assistance to thousands of Filipinos since it was founded in 2014.

ABS-CBN’s local “TV Patrol” programs also had their final newscasts yesterday after over three decades of service.

ABS-CBN went off the air on May 5 in compliance with a cease and desist order issued by the National Telecommunications Commission following the expiration of the network’s franchise.

Last July 10, the House committee on legislative franchises denied the network’s bid for a new franchise.

ABS-CBN

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