ABS-CBN and TV5 ink landmark partnership deal

Toff C.

<p>ABS-CBN and TV5 have officially embarked on a monumental partnership after signing an investment deal.<p>The two companies disclosed via a joint statement on Thursday, August 11, that ABS-CBN Corporation will be acquiring 6,459,393 primary (new) common shares in TV5 for Php2.16 billion. This represents 34.99 of the total voting and outstanding capital stock of TV5.<p>MediaQuest, which owns TV5, will remain the bigger shareholder with 64.79 percent of the voting and outstanding capital stock.

ABS-CBN will be investing in TV5 as the media giants reached a partnership deal. 

ABS-CBN and TV5 ink landmark partnership deal | PUSH.COM.PH