BROADCAST giant ABS-CBN and Pangilinan-led TV5 signed an agreeement that allows more airtime for the beleaguered broadcaster’s shows in the ‘Kapatid’ network.
ABS-CBN made the disclosure Thursday morning saying the agreement will allow them to acquire 6.46 million primary common shares, equivalent to 34.99% of capital and voting stock of TV5 for P2.16 billion.
This partnership between the ‘Kapatid’ and ‘Kapamilya’ network is one of the more noteworthy moves in the country’s media industry in the past five years. ABS-CBN’s operation has been struggling of late since the lawmakers from the former Duterte administration denied them a broadcasting franchise following repeated attacks on press freedom and media expression.
“This partnership is consistent with the strategic intention of ABS-CBN to evolve into a storytelling company whose goal is to reach as wide an audience as possible,” said Carlo Katigbak, president and chief executive officer of ABS-CBN Corp.
Following the acquisition of shares, the equity of local media conglomerate MediaQuest Holdings, Inc., which operates TV5, will be trimmed to 64.79% of voting and capital stock. MediaQuest will still hold the controlling stock of TV5 despite the agreement.
