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ABS-CBN and TV5 agree to pause their closing preparations for investment agreement

Read the latest update about the ABS-CBN and TV5 investment deal.

ABS-CBN and TV5 agree to pause their closing preparations for investment agreement -Toff C.
BY
Toff C.

Twitter: @Push_Alerts

FRESH SCOOPS

08/24/2022 03:27 PM
ABS-CBN and TV5 agree to pause their closing preparations for investment agreement

ABS-CBN and TV5 have agreed to take a pause in their closing preparations for their investment agreement.

In a statement released on Wednesday, August 24 by ABS-CBN, it said: "To address the issues which have been raised by certain legislators and the National Telecommunications Commission on the proposed investment by ABS-CBN for a minority interest in TV5, ABS-CBN and TV5 have agreed to a pause in their closing preparations.

"This pause will give the space for both media organizations to respond to the issues, and accommodate any relevant changes to the terms," the statement added.


The two media companies highlighted that "both ABS-CBN and TV5 believe that an agreement between the two media companies will have a favorable impact on Philippine media, and on free-to-air television—which remains the most affordable and extensive source of entertainment and public service to Filipinos."

It was on August 11 when it was announced that both media companies have inked a partnership deal.

READ: ABS-CBN and TV5 ink landmark partnership deal

In the said deal,  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.

"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," ABS-CBN CEO Carlo Katigbak said upon the announcement of the investment deal last August 11.

Meanwhile, MediaQuest Holdings Chairman Manny Pangilinan remarked, "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." 

PLDT also announced earlier this month that Cignal Cable Corp. will be buying 38.8 percent shares in Sky Cable Corp. for Php2.86 billion.