ABS-CBN sees lower ad earnings

Media giant ABS-CBN Broadcasting Corp. (ABS-CBN) said it may register lower advertising revenues in the first quarter of the year as most advertisers cut back on spending citing global economic turmoil.

“[Ad revenues are] down, although consumer spending has been okay. But advertisers have really cut back on ad spending in the first quarter. We are hoping they’ll come back because there has been no impact on consumer consumption, so far,” said its chairman and chief executive officer Eugenio “Gabby” Lopez III in a chance interview.

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