The Board of Continental Broadcasting Services Ltd., CBS, owners of Television Continental, TVC, and Radio Continental, on Friday laid off 145 staff.
A statement issued by the management said the decision was part of its effort to restructure its enterprise.
The media outfit is owned by a national leader of the All Progressives Congress, Bola Tinubu.
TVC explained that the restructuring was geared towards repositioning the business for better and greater delivery of its services to audiences and advertisers alike.
The organisation explained that in line with the changes, it would reconfigure its workforce as part of the rationale to achieve its objectives.
“145 people will be affected by today’s announcement,” the statement said.
“We wish to make clear that our core channels consisting of TVC News Nigeria, TVC Entertainment and Radio Continental will now become the main focus of our business going forward where we will deliver high quality news and entertainment programmes to our audiences and advertisers across Nigeria and beyond.
“The winding down of TVC News Africa will allow us concentrate on these key areas of our business,” it added.
It said the CBS Board of Directors has also approved substantial new investment in its staff across the group of companies which will enable it substantially enhance its news and current affairs output on TVC News, entertainment programming on the market leading TVC general entertainment channel and the key radio asset, Radio Continental.
“For those staff members affected by today’s announcement the Board of CBS Ltd. has approved a generous severance package in addition to a programme of assistance to enable them seek new employment,” the statement said.
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