Asia Television staff hit by mass redundancies

• 207 jobs axed
• All departments affected
• ATV facing "tremendous strain"

Hong Kong - Facing "tremendous strain" Asia Television has laid off 207 workers across all departments as the troubled broadcast group seeks to rebuild its fortunes.

In a letter to ATV staff, executive chairman of ATV Linus Cheung thanked staff for their efforts and hard work. However, due to the tremendous strain being faced by the company in its operation, ATV can only ride out of the difficult times with the adoption of downsizing.

Cheung said the downsizing was executed on the premises that there is a need for change and financial pressure. 

"It must be done out of necessity and is one of the most difficult decisions that I have ever made. I know that the downsizing will bring about immediate and immense challenges and changes to those who are affected by it, therefore, I hope for understanding from them. 

"I ask for your support in the continuous development of the company and look forward to another opportunity to work with those who have left," he added.

ATV has in the past several months faced many critics, after a bungled management appointment and significant financial strains.

"The financial situation of ATV has always been a problem and imposes a heavy burden on our shareholders with a loss of numerous billions of dollars over the years." Cheung said in an ATV statement.

"Especially since the financial tsunami, daily cash flow of ATV has come under tremendous strain which results in the company being in a precarious situation; only with decisive action can the company ride out of such difficult times." 

In December last year rival broadcast group TVB sacked 212 people as part of cost cutting exercise.