By Gabriela Baron
Broadcast giants ABS-CBN and TV5 officially scrapped their investment deal after initially pausing the agreement amid issues raised by legislators and the National Telecommunications Commission.
Last Aug. 10, Manny Pangilinan’s TV5 Network Inc. and Lopez-led ABS-CBN Corp. signed a landmark deal elevating their existing block time agreement to a partnership.
The agreement could have been the country’s largest business deal in media and entertainment.
READ MORE: ABS-CBN pauses deal with TV5
BASAHIN: Inihayag ng ABS-CBN Corp. ngayong Huwebes, Setyembre 1, na tinapos na ng kompanya at ng TV5 Network ang kanilang investment agreement.
Ang sale and purchase agreement ng Cignal Cable na 38.88% sa Sky Cable ay hindi na rin magpapatuloy. (📷:ABS CBN) pic.twitter.com/eBxeLo7FJs
— PTVph (@PTVph) September 1, 2022
ABS-CBN was originally set to acquire P6.46 million new primary shares of TV5 for P2.16 billion, representing 34.99% of the total voting and outstanding capital stock of the network.
“The parties confirmed that they have not implemented any of the transactions covered by the Investment Agreement and the Convertible Note Agreement,” ABS-CBN’s statement read.
Meanwhile, in a separate disclosure, Sky Vision Corporation, ABS-CBN Corp., Lopez, Inc., and Cignal Cable Corporation have also called off the Sale and Purchase Agreement, covering the proposed acquisition by Cignal Cable of 38.88% equity interest in Sky Cable Corp. –ag
