Dismantling on an Oligarch: Lopezes' ABS-CBN has lost P43 billion since Duterte's 1st day in 2016

It’s more than double whammy for the Lopezes.

The permanent closing of the ABS-CBN Corporation because of the rejection of its application of a new legislative franchise was so overwhelming that the final votes cast were 70-11.

Days after its rejection in a speech before the Philippine Army (PA) troops in Jolo, Sulu he made a statement regarding the dismantling of the Lopez media “oligarchy.”

(photo credit to owner)

And its more than a triple hit for the Lopez as based from the ABS-CBN Corporation’s stock performance, President Duterte has indeed brought down the former TV giant and “kingmaker” to its knees as its owners refused to sell the company amid public pressure and since he took power in 2016.

The Kapamiya shares closed at P10.36 on July 23, its first day of trading since it was suspended on July 13 following the congressional committee’s rejection of the franchise application.

As per the report of the Bilyonaryo website- ABS-CBN has incurred P43 billion in paper losses under President Rodrigo Duterte as its market capitalization shrunk from P52 billion on Duterte’s first day in office in July 2016 to P8.9 billion on its first day of trading without a franchise.

ABS-CBN preferred shares closed at P9.10 on July 23, or just a fifth of what these shares were worth (P48.20) on July 1.

After the rejection of the franchise, lawmakers are now contemplating to evict the Lopezes from their Mother Ignacia headquarters and stop ABS-CBN’s broadcast on Sky Cable.

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Report from Bilyonaryo

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