Largest Philippine Broadcaster Shares Halted After Shutdown
- Nation’s ranking in world press freedom index has fallen
- ABS-CBN’s market value down by a quarter since February
Workers at the ABS-CBN main office in Manila on May 5.
Photographer: Jes Aznar/Getty Images
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The Philippines’ largest media company, often a target of criticism from the nation’s president, had trading in its shares halted, a day after the government shuttered its television and radio stations.
ABS-CBN Corp. was ordered to close by the country’s telecommunications commission after its franchise expired on May 4. Its more than 20 radio stations and over 50 TV and digital TV stations had employed more than 11,000 people.