The Board of Continental Broadcasting Services Ltd. (CBS), owners of Television Continental (TVC) and Radio Continental, wishes to confirm a restructuring of its group companies. This restructuring is geared towards repositioning the business for better and greater delivery of its services to audiences and advertisers alike. In line with these changes we are reconfiguring our workforce as part of the rationale to achieve our objectives.

145 people will be affected by today's announcement.

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.

The CBS Board of Directors has also approved substantial new investment in our staff across the group of companies which will enable us substantially enhance our news and current affairs output on TVC News, entertainment programming on the market leading TVC general entertainment channel and our key radio asset Radio Continental.

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.