No. 1 in sports but no profits to show: Chot Reyes admits TV5 unlikely to break even in 2019
TV5 is the leading sports channel in the country largely because it is the home of the PBA, the biggest market in the basketball obsessed nation of vertically-challenged citizens.
But being top of the heap has not stopped the bleeding of TV5 which continues to lose money despite the billions of pesos and years of marketing and programming poured in by bilyonaryo Manny Pangilinan since he bought out Tonyboy Cojuangco in 2009.
“We are No. 1 in sports. That is the one thing where we can claim to be No. 1,” said TV5 CEO Chot Reyes in an interview with reporters.
Reyes said TV5’s rebranding into a sports channel (it continues to show movies, public service shows and home shopping) last year has cut its losses by 30 percent in 2018.
“I thought that was a great performance given the difficulties the others in the industry are experiencing,” said Reyes who was forced to resign from the national team coach after being tagged for ‘inciting unsportsmanlike behavior’ in the ugly brawl between Gilas and the Austraian basketball team.
Reyes admitted that it would be difficult to meet his boast last year that TV5 would finally turn the corner in 2019.
“It’s still a target, but I will be the very first to say it’s going to be very, very difficult to achieve that by the end of the year. But I am confident in the fact that we have assembled a team that is going to be able to take advantage of any such opportunity that will allow us to achieve that target by the end of this year,” said Reyes.