GMA-7 plans to reduce programming costs and trim capital expenditure from nearly P896 million in 2011 to P650 million for 2012.
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Two new stations are planned in the Ilocos and Bicol regions. The rest of the funds will be to upgrade towards high definition programming.
Despite posting lower profits, rival ABS-CBN has set a higher budget for expansion this year to diversify its revenue stream and ensure future growth.
Last week, company officials reported that profits fell nearly a quarter in 2011, from a net of P3 billion in 2010 to P2.4 billion in 2011, following an industry-wide drop in earnings from massive spending cuts by big advertisers.
A one-time gain from the sale of a stake in Sky Cable Corp., coupled with the company’s more diversified revenue stream helped save ABS-CBN from a worse decline, officials said.
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