Willie Revillame said that the new media company owned by business tycoon Manny Villar is now busy with its preparations ahead of its target launch before Christmas.
In a report on Pep.ph, Revillame said that there will be major announcements in the coming weeks to update the public on the status of AMBS 2.
Revillame said that so far they are not affected with the new partnership of ABS-CBN and TV 5 which was described as a ‘dream team’ by some lawmakers.
“Ang concentration namin, mabuo ang mga programa sa AMBS 2 so walang pressure.Yung competition, wala. Wala naman kaming ilalaban, wala pa kaming artista, wala kaming teleserye,” Revillame said.
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Revillame said that they are now banking on the resources of the AMBS 2.
“We have the network. We have the analog, we have the digital. Yun ang pinakaimportante, yung reach ng AMBS,” he said.
“So, hindi ko iniisip ang competition right now. Ang iniisip namin, mabuo, makakuha ng maraming tao, makakuha ng tamang artista para sa AMBS,” Revillame told Pep.ph.
ABS-CBN has confirmed that it has signed an investment deal with TV5, where it will acquire 6.46 million common shares of the latter for ₱2.16 billion.
This represents 34.99% of the Manny Pangilinan-led TV network’s voting capital stock.
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ABS-CBN adds it will subscribe to a convertible note to be issued by TV5 for ₱1.84 billion.
“The proceeds of the subscription in the primary common shares and the Convertible Note will fund the capital expenditures and operating expenses of TV5 in pursuing the enhancements of its content and programming and public service offerings,” the network said in a statement.
“This is clearly transactional for both companies and will significantly enhance TV 5’s capability to deliver content and coverage to the public in areas of entertainment, news, sports and public service,” the company said.
Subject to regulatory approvals, it involves conversion into additional 5.5M common TV5 shares 8 years from issuance. By then, ABS-CBN will own 49.92% of TV5’s capital stock.
