ABS-CBN Corp. will no longer sell the broadband business and other related assets of subsidiary Sky Cable Corp. to PLDT Inc. after both parties mutually agreed to abort the P6.75-billion transaction.
The now canceled sale transaction was signed in March last year. It secured regulatory approval from the Philippine Competition Commission last month.
READ: PCC clears PLDT takeover of Sky Cable
“PLDT Inc. and ABS-CBN Corp. have mutually decided not to proceed with the sale of Sky Cable to PLDT under the sale and purchase agreement signed by and among the parties in March 2023,” the telco giant said in a disclosure on Thursday.
The cable TV subscriptions of existing Sky Cable customers will continue as the sale transaction falls through. The ABS-CBN unit was originally set to sign off by Feb. 26.