It is no more news that the owners of Television Continental (TVC), and Radio Continental, on Friday laid off 145 staff.

The news caused a stir in the media industry as not many people saw it coming.

Now the management board of Continental Broadcasting Services Ltd (CBS) have come out to explain the rationale behind its decision.

The decision was part of its effort to restructure the enterprise.

According to the statement, the restructuring is geared towards re-positioning the business for better and greater delivery of its services to its audiences and advertisers.

“A total of 145 people are affected by Friday’s announcement,” the statement said.

“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 to concentrate on these key areas of our business,” it added.

The statement explained that the CBS Board of Directors has also approved a substantial new investment in its staff across the group of companies.

This would enable it to substantially enhance its news and current affairs output on TVC News, entertainment programming on the market, TVC general entertainment channel and its 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,” the statement said.

The media outfit is reportedly owned by Bola Tinubu, the National leader and rumoured lead financier of the All Progressives Congress.