ABS-CBN Corp and TV5 Network Inc on Thursday announced the termination of their proposed investment deal where the Lopez-led firm was supposed to acquire 34.99 percent in TV5.
“In a separate disclosure, TV5 Network, Inc. (“TV5”) and ABS-CBN Corporation (“ABS-CBN”) also announced that they have mutually agreed to terminate the Investment Agreement dated 10 August 2022 covering the proposed acquisition by ABS-CBN of 34.99 percent equity interest in TV5,” ABS-CBN told the stock exchange.
Also terminated was the Convertible Note Agreement covering the proposed subscription by ABS-CBN to a Convertible Note to be issued by TV5, ABS-CBN said.
“The termination was also formalized through a Memorandum of Agreement. The Parties confirmed that they have not implemented any of the transactions covered by the Investment Agreement and the Convertible Note Agreement,” the statement said, which was also disclosed to the Securities and Exchange Commission.
