Businessman Manuel V. Pangilinan (MVP) revealed on Thursday that talks between ABS-CBN Corp. and TV5 about entering into a joint venture are in the “closing stages.”
“We have been having discussions with them for over a year. But it is fair to characterize it as we’re in the closing stages,” said Pangilinan.
On the sidelines of a media briefing, Pangilinan also told reporters that the media firms were looking to form a joint venture where TV5 will own 65 percent with the remainder to be held by the Lopez-led network.
Earlier, the two parties were looking at a 50-50 split.
“I think the likelihood of an agreement with them is high. It’s near,” he added.
Pangilinan said they were eyeing securing board approval this month for the transaction.
Currently, ABS-CBN has a block time leasing deal with TV5 which allows the former’s popular shows to be aired via the Pangilinan-led platform.
The Lopez-led network has been operating without a free TV franchise for two years now after the previous administration rejected its renewal request.
Apart from TV5, it also secured a partnership with Zoe Broadcasting Network Inc. back in 2020 to blocktime programs via Channel 11 A2Z.
Recently, ABS-CBN said it was still deciding whether it would secure a new free TV franchise under the Marcos administration, if this would still be “aligned” with their “strategic plans.” This, amid its shift to digital platforms, including the launch of online streaming channel “Kapamilya Online Live” in August 2020.
The Lopez-led network, along with Kroma Entertainment and Globe Telecom’s 917Ventures, also launched in May the country’s first real-time and multiscreen interactive channel Pinoy Interactive Entertainment in a bid to boost digital content creation.