Filipino tycoon Manuel V. Pangilinan revealed that the joint venture deal between TV5 Network Inc. and ABS-CBN Corp., is no more – with both sides opting to focus on their current block time agreement.
“No, I think we have mutually terminated discussions with respect to the investment,” said Pangilinan.
The billionaire, during the sidelines of the Philippine Digital Convention 2022 media launch in Makati City on Wednesday, informed reporters that the supposed partnership between the two media groups, including TV5-led Cignal Cable Corp.’s investment in the Lopezes’ Sky Cable Corp., has been dissolved.
ABS-CBN and TV5 announced the dissolution of their agreement in September, almost a month after signing the landmark agreement. It was expected to symbolize the media company’s return to free TV space after its franchise renewal request was denied two years ago.
ABS-CBN originally announced its block time leasing agreement with TV5 in January, allowing the latter’s popular series to be carried on the Pangilinan-led channel.
“But before that particular transaction … we have been in discussion with ABS about the content being shown on TV5. That discussion continues to this day,” he added.
ABS-CBN was meant to buy 6.46 million additional common shares in TV5 for P2.16 billion under the aborted investment arrangement. This represented about 35% of TV5’s total outstanding capital stock.
