ABORT!!! ABS-CBN-TV5 investment deal is terminated amidst Govt probe

ABORT!!! ABS-CBN-TV5 investment deal is terminated amidst Govt probe


It was really doomed from the very start because of the issues and controversies surrounding the Lopez owned company.


The planned merger of ABS-CBN and TV-5 of the MVP group will no longer push through because of the different concerns regarding its legality.


Both companies have mutually agreed to abort their investment partnership which was announced last month.

(photo credit to owner)


The investment deal was supposed to cover ABS-CBN’s acquisition of 34.99 percent equity interest in TV5. It would have allowed the Lopez-owned station to return to free TV through a venture with the Manuel V. Pangilinan-owned broadcast network.


Also terminated was the agreement covering the proposed acquisition by Cignal Cable of 38.88 percent equity interest in Sky Cable Corp.

The termination of the investment agreements was announced in disclosures to the Philippine Stock Exchange and Securities Exchange Commission.

The latest decision came after the House of Representatives launched a probe into alleged irregularities in the ABS-CBN-TV5 agreement. The government’s telecom authorities earlier claimed that TV5 and ABS-CBN should first obtain clearances.

Sagip party-list Rep. Rodante Marcoleta even called the deal as a direct violation of the 1987 Constitution and existing pertinent laws.

“This particular deal must be looked into Mr. Speaker, and I think, because of this deal, we have yet to have let the proverbial cat out of the bag Mr. Speaker. Why? MediaQuest, the parent company of TV5, is owned by PLDT Beneficial Trust Fund. And the grapevine Mr. Speaker is so loud that PLDT Beneficial Trust Fund is owned by an Indonesian national,” Marcoleta said.


“So if we will reminisce, Mr. Speaker, that the PDRs were utilized indirectly as conduits for foreigners to own mass media in this country by desecrating and circumventing the very Constitution that we have, baka naman ang mangyari, ganito rin Mr. Speaker, magigising na lang tayo and we will have to see deja vu once again,” he added.


ABS-CBN was forced to stop broadcasting operations in May 2020 after its franchise expired and its application was not renewed in the House of Representatives.






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Report from Politiko


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