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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Asia Pacific World Search Search: TVB axes over 200 employees Channel NewsAsia - Tuesday, December 2 Speculations have come true. Hong Kong's dominant television station Television Broadcasts Limited has officially handed out the retrenchment letters on the morning of Dec 1. TVB is the second Hong Kong TV station after Asia Television Limited to retrench employees to tide over the economic crisis. All actors and hosts are unaffected; however there will be an increment freeze for re-contracting artistes. This is also the first retrenchment exercise for TVB after 2003's SARS period; the number of people affected is also larger than that of five years ago. TVB has about 2,900 employees under its fleet. According to statistics, there has been growth in the company's annual profits. In 2003 when SARS hit Hong Kong, TVB made a profit of S$180million and threefold in 2007. In the first half of 2008, TVB made a profit of about S$380million. When ATV retrenched more than 60 people in early November; TVB said they do not have plans for retrenchment. It has been only less than a month now that TVB decides to go for retrenchment. TVB quoted setbacks in advertising and overseas distribution as the main reason for the retrenchment exercise. According to reports, TVB Pay Vision Limited and TVB8 suffer the greatest hit from this exercise. Among them include J2 channel which was set up for digital TV. There will also be a reshuffle of duties from the variety department to others. About 20 people from the news department were axed, including editors, directors and technicians. It was said that the decrease in live telecasts has lowered the requirement for backdrop, lighting and the camera works, which explains the relatively large number of people retrenched from the production teams. Those retrenched will have to leave their positions immediately but will receive severance pay and also compensation according to manpower legislation. TVB has been reported to be cutting resources for some time. The TVB 41st Anniversary Gala went without a post gala celebration for the first time, and the annual Tung Wah Charity Show's host has to be replaced because of budget constraints. Eric Tsang, who has been hosting the show for more than ten years running, charges tens of thousands for a show. The host for this year's show is Bill Chan. Executive Chairman Sir Run Run Shaw and Deputy Chairwoman and Acting Managing Directress Mona Fong refused to comment on TVB's retrenchment exercise issues when seen at a banquet on Nov 27. "We're here for a dinner tonight," Fong says, seeming avoiding the topic. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Entertainment & Lifestyle Italy: La Scala deal reached, premier savedAP - 42 minutes ago Estranged relative arrested in Hudson killingsAP - 1 hour 36 minutes ago Blanchett opens doors to Sydney theatreAFP - Tuesday, December 2 iTunes: Coldplay, Leona Lewis topped sales in 2008AP - Tuesday, December 2 Former UCLA hospital worker admits selling recordsAP - Tuesday, December 2 Enlarge Photo TVB axes over 200 employees Most Popular – Entertainment Viewed Wall Street plunges as recession becomes reality World AIDS Day highlights big challenges 20 years on Love handles increase death risk: study Saudi king says 75 dollar oil price 'fair' World's oldest person dies at 115 years View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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