TV5 NETWORK, Inc. is looking to slash its losses by half this year, as it targets to break even by 2019.
TV5 President Vincent “Chot” P. Reyes said the media company already reduced losses by 43% in 2017.
“We had a very good 2017… If we go on the same kind of pace, then we are going to be able to achieve our target,” Mr. Reyes said during a media roundtable on Monday.
He said TV5, the country’s third largest network, is targeting to further cut losses by half this year.
“Always, I’m very optimistic, always more and more. We’re looking at 50%, from what we ended in 2017… That’s the kind of pace that’s going to take us into a good position by 2019 on our target,” Mr. Reyes said.
TV5, the broadcast arm of PLDT, Inc. Beneficiary Trust Fund subsidiary MediaQuest Holdings, Inc., last October partnered with US-based multimedia sports entertainment company ESPN, Inc. to focus more on sports programming.
With the partnership, ESPN5 now airs its local news, sports, and entertainment programs, along with the live sports programs and studio programs of ESPN. The network also airs a Philippine edition of the SportsCenter program of ESPN.
This is the strategy adopted by TV5 to target a specific audience instead of competing in the entertainment segments dominated by ABS-CBN, Inc. and GMA Network, Inc.
Mr. Reyes said TV5 will continue to establish itself as a predominantly sports-oriented network, but will retain the news segments and some entertainment shows.
He added there has been positive feedback from advertisers after TV5’s rebranding.
“We want to cement our position in the minds of the public and the advertisers as well,” he said.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Patrizia Paola C. Marcelo