Author Topic: ABS-CBN, TV5 reach partnership deal  (Read 214 times)

adroth

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ABS-CBN, TV5 reach partnership deal
« on: August 12, 2022, 12:26:32 AM »
Kapamilya + Kapatid: ABS-CBN, TV5 reach partnership deal
ABS-CBN News
Posted at Aug 11 2022 09:40 AM | Updated as of Aug 11 2022 07:13 PM

https://news.abs-cbn.com/business/08/11/22/abs-cbn-invests-in-tv5-in-landmark-deal

MANILA - ABS-CBN Corp and TV5 reached a partnership deal on Wednesday with the Lopez-led media company acquiring shares in the Manny Pangilinan-led network.

In a joint statement on the accord, both parties said the "investment agreement" allows ABS-CBN Corp to acquire 6,459,393 primary (new) common shares in TV5 representing 34.99 percent of the total voting and outstanding capital stock of TV5 for P2.16 billion.

MediaQuest, which currently owns 99.67 percent of TV5, will see its stake reduced to 64.79 percent after the deal is finished. Pangilinanís PLDT Beneficial Trust Fund owns and controls MediaQuest.

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adroth

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Re: ABS-CBN, TV5 reach partnership deal
« Reply #1 on: September 02, 2022, 01:14:16 AM »
Philippines' ABS-CBN scraps deal to buy into rival TV network
August 31, 2022
9:46 PM PDT

https://www.reuters.com/markets/deals/philippines-abs-cbn-scraps-deal-buy-into-tv-network-2022-09-01/

MANILA, Sept 1 (Reuters) - Philippine broadcaster ABS-CBN Corp (ABS.PS) said on Thursday it has terminated a deal to acquire a minority stake in local operator TV5 Network Inc, weeks after some lawmakers questioned the legality of the plan.

ABS-CBN, which has been broadcasting content mostly online since losing its rights to operate radio and television frequencies in 2020, gave no reason for the scrapping of the deal, which it said was a mutual decision.

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The termination follows concern from some legislators at an inquiry last week that TV5 could be violating its franchise if it went ahead with the plan to sell a 35% stake to ABS-CBN for 2.16 billion pesos ($38.3 million).

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