ABS-CBN and TV5 have officially embarked on a monumental partnership after signing an investment deal.
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.
MediaQuest, which owns TV5, will remain the bigger shareholder with 64.79 percent of the voting and outstanding capital stock.
ABS-CBN can also invest more in TV5 after eight (8) years which will boost its stake in TV5 to 49.92 percent.
"ABS-CBN has always been the leading developer and provider of Filipino-related entertainment content not only in the Philippines but overseas as well. Our companies have always had these cherished values of providing top and quality programs in the service of the Filipino people and together we believe we can achieve this in greater measure and success," Mediaquest Holdings Chairman Manny Pangilinan said about the partnership deal.
ABS-CBN Chairman Mark Lopez added that the partnership will further pave the way for a greater service to the Filipino people.
"For ABS, it presents a fantastic platform for us to achieve synergies in production content and talent management as well as maximizing our content delivery. We look forward to be of greater service to the public as we come together in taking TV5 to the next level," he stated.
Meanwhile, ABS-CBN CEO Carlo Katigbak remarked that the partnership will help flourish even more the creative industry in the country.
"In partnership with TV5, we look forward to reaching viewers both on owned platforms and through other broadcast partners, thereby enriching the Philippine creative industry. We hope the industry evolves from being highly competitive to increasingly collaborative, which benefits all stakeholders in the long run," he stated.
Meanwhile, PLDT announced that Cignal Cable Corp. will be buying 38.8 percent shares in Sky Cable Corp. for Php2.86 billion.