Hong Kong (CNN Business) The biggest television broadcaster in Hong Kong is cutting staff as the city plunges into recession and its political crisis continues with "no sign of abating," the company's CEO told workers this week.

Television Broadcasts Limited (TVB) — which has 3,500 employees, not counting actors and TV hosts — will make the cuts, which will affect 10% of the workforce, to help with costs, CEO Mark Lee Po On wrote in a letter to the staff this week. TVB provided a copy of the letter to CNN Business.

He pointed out that protests in the city have lasted for more than half a year, taking a heavy toll on tourism, retail and other markets.

"Recession is a foregone conclusion," Lee added. "No business sector including advertising, television, newspaper and other media will be spared."

The economy slowed more dramatically than expected in the third quarter, pushing Hong Kong into its first recession since 2009. And the Hong Kong government warned last month that the protests will cause the Asian financial hub's economy to shrink by 1.3% this year, marking the first year of recession since the global financial crisis a decade ago. The pro-democracy protests, a synchronized global economy slowdown, and trade tensions between the United States and China are all contributing to the problems.

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