Continental Broadcasting Services Limited (CBS), owners of Television Continental (TVC) and Radio Continental has closed down its TVC News Africa arm.
The winding down of the channel will allow it concentrate on its core channels consisting of TVC News Nigeria, TVC Entertainment and Radio Continental, the firm said in a statement on Friday.
It said there was a need for it to restructure its operations in order to reposition “the business for better and greater delivery of its services to audiences and advertisers alike.”
The restructuring, it said, will lead to the disengagement of 145 staffers.
“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 to seek new employment,” CBS said.
“The CBS Board of Directors has also approved substantial new investment in our staff across the group of companies which will enable us substantially enhance our news and current affairs output on TVC News, entertainment programming on the market leading TVC general entertainment channel and our key radio asset Radio Continental.”