TV5 Networks Inc. is in talks with local and foreign companies for more content, its top executive said over the weekend.
“We are really pivoting from a TV network to really a content company. Hopefully within the week, we’re going to make a big announcement,” TV5 president and chief executive Vincent Reyes said.
Reyes said the company was in talks with local and foreign content providers.
The network earlier terminated its partnership with Viva Communications, which handled the network’s entertainment programs.
Reyes said the new strategy of TV5 was to grow the content, increase the revenue and trim operational expenses.
The company is reducing its employees by 20 percent or 200 people as the network is no longer producing entertainment shows. The network currently has about 1,000 employees.
“The current operational overhead that we had when I took over was just too heavy. It’s too heavy that didn’t make business sense. We have to make a tough decision,” he said.
Reyes said these strategies would help the network achieve its goal to break even by 2019.