The Board of Continental Broadcasting Services Ltd (CBS), owners TVC and Radio Continental have explained that 145 members of staff were sacked as part of measures to restructure the organisation and focus on its core business to deliver greater value to stakeholders in the venture.
A statement released by the board on Friday said “A total of 145 people are affected by Friday’s announcement,’’ the statement said.
“We wish to make clear that our core channels consisting of TVC News Nigeria, TVC Entertainment and Radio Continental, will now become the main focus of our business going forward, where we will deliver high quality news and entertainment programmes to our audiences and advertisers across Nigeria and beyond.
“The winding down of TVC News Africa will allow us to concentrate on these key areas of our business.
“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 seek new employment,’’ the statement said.
The group of companies is reportedly owned by a former governor of Lagos State and APC stalwart, Ahmed Tinubu.