Friday, December 9, 2022

ABS-CBN, TV5 Join Forces after a Partnership Deal

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ABS-CBN and TV5 are Now Partners

ABS-CBN and TV5 signed a multibillion investment for a collaboration after more than a year of negotiations.

Executives from ABS-CBN, led by Mark Lopez, its chairman, and Manny Pangilinan, chairman of MediaQuest, the parent company of TV5, led the signing of the collaboration at the Cignal Launchpad offices in Mandaluyong.

According to a joint statement from the two parties, ABS-CBN paid P2.16 billion to buy 6, 459, 353 primary common shares in TV5, or 34.99% of the company’s total and existing capital stock.

MediaQuest, which presently owns 99.67% of TV5, reportedly cut its shareholdings after the deal to 64.79%, according to ABS-CBN. Owning and running MediaQuest is Pangilinan’s PLDT Beneficial Trust Fund.

The Kapamilya Network may also purchase additional TV5 shares up to 49.92% after eight years, subject to regulatory approval.

We welcome the investment and entry of ABS-CBN in TV5. ABS-CBN has always been the leading developer and provider of Filipino entertainment content in the Philippines and overseas as well. We now can achieve our cherished goal in greater measure of providing quality content across Entertainment, Sports and News in the service of the Filipino people,” Mr. Pangilinan said in a statement.

ABS-CBN and PLDT also formed a collaboration with their cable and satellite TV divisions. Investing P2.862 billion to acquire a 38.88% minority interest in SkyCable.

Similar to the ABS-CBN and TV5 agreement, the debt instruments from Sky allow Cignal Cable the opportunity to buy additional SkyCable shares after eight years equal to 61.12% of the company’s outstanding capital stock.

In statement made by MediaQuest, the proceeds from the sale of the Sale Shares, the Convertible Note, and the issue of the Debt Instrument, totaling P7.5 billion, will be utilized to pay back some debts owed by ABS-CBN and Sky Vision and to fund other projects.

On the other hand, P7.5 billion will be used by ePLDT, a division of PLDT, Inc., to finance Cignal’s acquisition of these shares and debt instrument.

This partnership according to a report will enhance the public services of both companies especially in offering educational programs for children in remote areas.

You may also visit: Rodante Marcoleta Wants to Probe ABS-CBN, TV5 Joint Venture

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