ABC to launch business news channel

MANILA, Philippines—Associated Broadcasting Corp., operator of the TV5 network, is set to launch later this year an English-language news channel that aims to be the leading source of business news for local pay TV customers.

The new channel, which will be called “CEO TV,” will be part of the Cignal TV lineup of shows and will compete head-to-head with ABS-CBN News Channel (ANC) that airs on SkyCable.

“The shows will be produced by TV5 but this will air only on Cignal,” TV5 outgoing CEO Ray C. Espinosa said on Tuesday.

Despite the continued growth of Cignal’s subscriber base, Espinosa admitted that the lack of a local English news channel was a disadvantage for the direct-to-home TV provider.

Cignal TV’s subscriber base reached 457,000 homes at the end of the first quarter, up from about 279,000 in March last year. The company expects to post a positive Ebitda, or earnings before income tax, depreciation and amortization this year.

CEO TV, Espinosa said, will be run by former ANC anchor Twink Macaraig.

He said an English news channel that prioritizes news about business, political and world events over local “police” stories would be an important addition and would help Cignal attract more discerning viewers.