ABS-CBN Recovery

Lopez: 'We've had a rude awakening'

ABS-CBN Broadcasting Corp. looks forward to ending the year in the black despite the net loss it recorded in the first quarter, the network's chairman and CEO Eugenio "Gabby" Lopez III said. "We hope to recover. We are now focusing on (reducing) our costs," Lopez III said following the annual stockholders meeting of the country's largest broadcasting network.