TV5 to shut down Interaksyon.com in cost-cutting move
The online news portal of the PLDT Group?s broadcast firm TV5 is shutting down by the end of March as part of cost-reduction efforts to amplify savings and rationalize operations.
Interaksyon.com editor-in-chief Roby Alampay said the online news site was ceasing operations in three months in line with the consolidation of all digital news properties under news5.com.ph.
The closure will affect some 20 regular employees.
This comes after TV5 entered into a long-term agreement with global sports cable company ESPN to create a new rebranded sports channel, ESPN5.
ESPN will license to TV5 more than 2,500 hours additional programming per yer form its portfolio of sports rights, original programming and studio programs.
According to Newsbytes.PH, ?Interaksyon has been operating without regular reporters and has also stopped getting contractual workers starting this year.?
PLDT, through MediaQuest Holdings Inc., bought TV5 in 2009 from the Cojuangco family for P4 billion, and acquired MPB Primedia of Malaysia, a TV5 major block-timer, for $16 million.
The acquisition of TV5 was in line with MediaQuest?s strategy to develop media, content and production resources to complement its other media assets and platforms such as Cignal, a direct-to-home satellite service launched in 2010.