ABS-CBN, TV5 abort ‘marriage of convenience’

ABS-CBN, TV5 abort ‘marriage of convenience’

By Junex Doronio
September 2, 2022

Photo courtesy of Marketech APAC

MANILA — In what could be like a “marriage of convenience,” competing networks ABS-CBN and TV5 on Thursday backed off from their planned investment deal they signed earlier after an initiative in the House of Representatives to have the agreement investigated.

Rival cable companies Sky Cable and Cignal have also stopped their deal.

“In disclosures to both the Philippine Stock Exchange and the Securities Exchange Commission today, Sky Vision Corporation (‘Sky Vision’), ABS-CBN Corporation, Lopez Inc., and Cignal Cable Corporation (‘Cignal Cable’) announced that they have mutually agreed to terminate the sale and purchase agreement dated August 10, 2022,” ABS-CBN said in a statement.

Sagip party-list Congressman Rodante Marcoleta, who has been active in the campaign to deny ABS-CBN a new franchise, vowed that he will have the House of Representatives investigate the deal.

Marcos loyalist-lawyer Larry Gadon also said on Thursday that TV5 might have eventually realized that the agreement could jeopardize the company’s future. (ai/mtvn)

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