Formerly competitors, TV5 Network’s parent company MediaQuest Holdings reportedly signed a landmark deal with ABS-CBN Corporation! The closed-door ceremony in which the signing took place was led by MediaQuest Holdings Chairman Manuel V. Pangilinan and ABS-CBN Chairman Mark L. Lopez.
The deal entails that ABS-CBN will acquire about 34.99% of primary shares (6,459,353) in TV5 for P2.16 billion. Subject to regulatory approvals, ABS also has the option to increase its stake to up to 49.92%.
Mr. Lopez announced, “I am happy and honored to be able to recognize and say: Ang ating mga Kapatid ay ang ating mga Kapamilya.”
He said that the partnership aligns with the company’s strategic intent. “This partnership is consistent with the strategic intention of ABS-CBN to evolve and primarily be a storytelling company,” he added. It can be recalled that the network lost its franchise two years ago, and decided to focus on content distribution instead.
MVP, on the other hand, welcomes the investment and entry of ABS-CBN into TV5. He said in a statement, “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 a greater measure of providing quality content across Entertainment, Sports, and News in the service of the Filipino people.” Apparently, the two major media companies had been in discussions for over a year prior to this. Now, “both parties feel good about it.”
ABS-CBN President/CEO Carlo L. Katigbak looks forward to expanding its reach through the networks’ collaboration. “In partnership with TV5, we look forward to reaching viewers both on owned platforms and through other broadcast partners, thereby enriching the Philippine creative industry. We hope the industry evolves from being highly competitive to increasingly collaborative, which benefits all stakeholders in the long run,” he noted.
“We look forward to this strengthened partnership, as we see the opportunity to help TV5 grow and be an important part of every home in the Philippines,” Mr.Lopez added.
The deal also includes Cignal Cable’s acquisition of a minority 38.88% stake in SkyCable for P2.862 billion. This is expected to enhance its public service offerings including educational programs for children in remote areas.
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