MANILA, Philippines – Officials and executives and ABS-CBN and TV5 announced that they have reached a landmark partnership deal on Thursday, August 11.
|ABS-CBN and TV5 inked landmark partnership deal on Thursday, August 11 | Photo Courtesy: ABS-CBN|
TV5’s MediaQuest Chairman Manuel V Pangilinan was with ABS-CBN President and CEO Carlo Katigbak and ABS-CBN Chairman Mark L. Lopez as they signed an “investment agreement.”
In the partnership, ABS-CBN will acquire 35% or 6,459,393 primary common shares in TV5, leaving MediaQuest with 65%. After 8 years, the Kapamilya network can acquire additional shares for up to 49.92%.
Pangilinan’s PLDT Beneficial Trust Fund owns and controls MediaQuest.
At the same time, the cable and satellite TV subsidiaries of ABS-CBN and PLDT also entered into a similar deal.
Cignal Cable Corp said it was acquiring 38.88 percent of Sky Cable Corp for P2.862 billion.
According to ABS-CBN Chairman Lopez, the agreement is a great opportunity for the network to grow and expand its levels.
“For ABS, it presents a fantastic platform for us to achieve synergies in production content and talent management as well as maximizing our content delivery. We look forward to be of greater service to the public as we come together in taking TV5 to the next level,” he said.
“I am happy and honored to be able to recognize and say what is a matter of fact: ang ating mga Kapatid ay ating Kapamilya,” he added.
Meanwhile, Pangilinan also expressed his optimism for their new venture. He said the 2 media firms have always shared the same values and commitment to providing service to the Filipinos.
“ABS-CBN has always been the leading developer and provider of Filipino-related entertainment content not only in the Philippines but overseas as well. Our companies have always had these cherished values of providing top and quality programs in the service of the Filipino people and together we believe we can achieve this in greater measure and success,” Pangilinan said.
He added that the partnership will help propel their goals to help improve education to the Filipino students and provide public service to a much broader coverage.
Kapamilya’s exec Katigbak is also confident that the partnership will help the media firms reach a whole new level of coverage. He also thanked their other partners, A2Z, BEAM, Bright Light and GMA, who supported them during the station’s difficult times.
The deal is expected to be completed within this month of August.
Earlier, Rep. Rodante Marcoleta urged the Philippine Competition Commission (PCC) to investigate the partnership as it may violate the Philippine Competitive Act.
— Sally, The Summit Express