INQUIRER FILE PHOTO
The landmark deal between Manuel Pangilinan’s TV5 Network Inc. and Lopez-led ABS-CBN Corp. has been signed, elevating their existing block time agreement to a partnership that is seen to boost content creation.
On Thursday, ABS-CBN disclosed it was set to acquire 6.46 million new primary common shares of TV5 for P2.16 billion. This represents 34.99 percent of the total voting and outstanding capital stock of TV5.
TV5, which will remain to be the controlling shareholder, will have 64.79 percent after the completion of the transaction. It is set to be closed within the month.
“We welcome the entry and investment of ABS-CBN in TV5, as ABS-CBN has always been the leading developer and provider of Filipino-related entertainment content not only in the Philippines but overseas as well,” Pangilinan said.
“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,” ABS-CBN chair Mark Lopez said.
The Lopez-led network has been operating without a free TV franchise for two years now after the previous administration rejected its renewal request.
Also, the Pangilinan groups’ Cignal Cable Corp. acquired a 38.8 -percent stake in the Lopezes’ Sky Cable Corp. for P2.86 billion. The purchase agreement was also signed Thursday.
Cignal’s investment in Sky Cable is expected to benefit the latter’s customer base of 300,000 cable subscribers and about 350,000 broadband subscribers as of the end of June 2022.
Cignal Cable believes that its entry into Sky Cable will strengthen and enhance its public service offerings.