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ABS-CBN and TV5 terminate investment deal

ABS-CBN and TV5 have mutually agreed to terminate their investment agreements.

ABS-CBN and TV5 terminate investment deal-Toff C.
BY
Toff C.

Twitter: @Push_Alerts

FRESH SCOOPS

09/01/2022 10:59 AM
ABS-CBN and TV5 terminate investment deal

ABS-CBN and TV5 have mutually agreed to terminate their landmark investment deal and the Sky Cable-Cignal Cable sale and purchase agreement. 

In the official statement released on Thursday, September 1, it said: "In disclosures to both the Philippine Stock Exchange and the Securities Exchange Commission today, Sky Vision Corporation ("Sky Vision"), ABS-CBN Corporation, Lopez, Inc., and Cignal Cable Corporation ("Cignal Cable") announced that they have mutually agreed to terminate the Sale and Purchase Agreement dated 10 August 2022 covering the proposed acquisition by Cignal Cable of 38.88% equity interest in Sky Cable Corporation and the Debt Instruments Agreement dated 10 August 2022 covering the proposed subscription by Cignal Cable to an Exchangeable Debt Instrument to be issued by Sky Vision and the proposed acquisition by Cignal Cable of a Convertible Note issued by Sky Cable."


The statement shared that the termination was formalized through a Memorandum of Agreement. The Parties confirmed that they have not implemented any of the transactions covered by the Sale and Purchase Agreement and the Debt Instruments Agreement.

In a separate disclosure, TV5 Network and ABS-CBN also announced that "they have mutually agreed to terminate the Investment Agreement dated 10 August 2022 covering the proposed acquisition by ABS-CBN of 34.99% equity interest in TV5 and the Convertible Note Agreement dated 10 August 2022 covering the proposed subscription by ABS-CBN to a Convertible Note to be issued by TV5."

The termination was also formalized through a Memorandum of Agreement. The Parties confirmed that they have not implemented any of the transactions covered by the Investment Agreement and the Convertible Note Agreement.