Television Broadcasts Ltd., Hong Kong’s largest TV broadcaster, will terminate about 350 people as part of a restructuring to weather uncertainties in the city’s economic outlook.

The broadcaster, also known as TBV, will cut 10% of its 3,500-person staff, excluding artists, according to an email to staff members Monday from Chief Executive Officer Mark Lee.

Months of social unrest have badly hurt Hong Kong’s tourism, catering and retail industries, leaving a recession a foregone conclusion, Lee said in the email. “No business sector including advertising, television, newspaper and other media will be spared,” he wrote.

To counter uncertainties, TVB will speed up business expansion in the mainland, especially in the Greater Bay Area, to seek new growth sources, Lee said.

TVB will inform affected employees by the end of the year and provide compensation according to law.

The company’s profits from TV broadcasting, which account for more than 60% of revenue, declined 23% in the first half of 2019, compared with 5% growth in the same period last year. Profits from content distribution rose 4% during the first half.

TVB shares fell 1% in Hong Kong trading Monday, bringing their decline this year to 20%.

Contact reporter Han Wei (weihan@caixin.com)

Related: Hong Kong Sinks Into Recession as Unrest Takes a Toll