A statement issued by the television network, revealed that the decision was parts of its .effort to restructure the company.
“145 people will be affected by today’s announcement,” the statement read.
“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.
“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,” it added.
“The winding down of TVC News Africa will allow us concentrate on these key areas of our business.”