Media giant ABS-CBN Corp. is cutting losses, but its top line is still shrinking as cable TV and broadband under Sky continue to weigh on performance.
The company narrowed its full-year net loss to P4.72 billion in 2025, down 23 percent, as cost cuts and smaller losses across segments cushioned a steep revenue decline, a stock exchange filing on Monday showed.
Revenue fell 9 percent to P15.85 billion, dragged by a 39 percent drop in cable TV and broadband revenue to P3.27 billion.
Big picture
ABS-CBN’s losses are narrowing, but the improvement is coming from cost cuts, not growth.
Recurring losses declined across segments, pointing to stabilizing earnings before interest, taxes, depreciation and amortization. But revenue is still falling, highlighting the gap between shrinking legacy businesses and still-scaling growth areas.
A P1.40 billion one-off loss from a property sale further weighed on reported results, masking underlying improvement.
Core content business
Content is now the company’s largest and most stable revenue base, but it has yet to turn profitable.
Revenue rose 5 percent to P12.59 billion, supported by election-driven advertising, live events and film releases.
Advertising added P421 million, driven by election spending and primetime titles such as “Batang Quiapo,” “Incognito,” “Saving Grace,” and “TV Patrol.” Consumer revenue grew 4 percent to P5.46 billion, supported by films, music and live events.
BINI’s global tour expanded to 14 cities, while Star Cinema produced the top 3 Filipino films, led by “Call Me Mother” with P389 million. “Sosyal Climbers” also entered Netflix’s global top 10 for non-English films.
Digital platforms contributed additional growth. Direct-to-consumer revenue reached P1.03 billion, while direct ad sales rose 23 percent to P842 million. YouTube views hit 12 billion, and iWant subscribers grew 19 percent after its relaunch.
Losses narrowed 11 percent to P2.54 billion, reflecting improved monetization and lower costs, but the segment remained in the red.
Costs controls
The turnaround is being driven primarily by cost discipline.
Content operating expenses fell 9 percent, or P1.43 billion, with P653 million in savings from lower administrative and employee costs.
At the group level, operating expenses dropped 18 percent, or P4.50 billion, to P20.48 billion.
These reductions, rather than revenue growth, accounted for most of the improvement in net losses.
Cable TV and Broadband
Cable TV continues to contract, but its financial impact is easing. Revenue dropped 39 percent to P3.27 billion, reflecting ongoing subscriber losses.
However, cost reductions reduced its drag. Recurring net loss narrowed 17 percent to P1.34 billion, while reported net loss fell sharply to P776 million, helped by P3.04 billion in cost cuts.
—Edited by Miguel R. Camus
