ABS-CBN and TV5 have decided to delay the closing of their agreement that will allow the Lopez-led network to own a minority interest in the latter.
“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,” ABS-CBN said in a disclosure to the Philippine Stock exchange.
This pause will give the space for both media organizations to respond to the issues, and accommodate any relevant changes to the terms, it added.
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.