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.
What
can you say about this?
Share us your thoughts by simply leaving on the
comment section below. For more news updates, feel free to visit our site
often.
Stay
updated with today's relevant news and trends by hitting the LIKE button.
Thanks
for dropping by and reading this post.
Report from Bilyonaryo
Disclaimer:
Contributed articles does not reflect the view of THE PH CHRONICLES. This website cannot
guarantee the legitimacy of some of the information contributed to us. You may
do additional research if you find some information doubtful. No part of this
article maybe reproduced without permission from this website.
0 Comments