MANNY Pangilinan-led TV5 Network Inc. is shutting down its online news portal InterAksyon in March as part of the group’s continuing cost-cutting program.
The decision to shut down Interaksyon.com was confirmed by its editor-in-chief Roby Alampay.
In an interview with online news site Rappler, Alampay said the media firm was “rationalizing and integrating all its digital properties and consolidating all the brands under News.tv5.com.ph.”
InterAksyon started operations in 2011, eventually becoming one of the major online news sources of Filipinos.
In October, TV5 president Chot Reyes announced the network was moving to control operating expenses and narrow losses in order to hit break even by 2019.
“And it’s not like we are cutting just to cut, it’s because we are no longer doing a lot of things we used to do before, so there’s really a need to restructure and reorganize, and that’s something we see across all industries, even other networks are making cost-cutting [efforts],” he said.
A source who used to work with the network told The Manila Times that the move was solely motivated by the need to cut costs. He also said it was not just InterAksyon.com that was on the brink of shutting down but also the group’s business news channel, Bloomberg Television Philippines. LISBET K. ESMAEL