The Board of Continental Broadcasting Services Ltd., CBS, owners of Television Continental, TVC, and Radio Continental, has explained the sack of 145 staff on Friday.
The TV station is reportedly owned by a chieftain of the ruling All Progressives Congress, APC, Bola Tinubu.
A statement by the management of the company said the decision was part of its effort to restructure the company geared towards repositioning the business for better and greater delivery of its services to audiences and advertisers alike.
The organisation explained that in line with the changes, it would reconfigure its workforce as part of the rationale to achieve its objectives.
“145 people will be affected by today’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 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 added.