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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