As reported two weeks ago, ABS-CBN Corporation (“ABS-CBN”) and TV5 Network, Inc. (“TV5”) announced the execution of an Investment Agreement that will allow ABS-CBN to acquire 6,459,393 primary (new) common shares in TV5 representing 34.99% of the total voting and outstanding capital stock of  TV5 for an aggregate subscription price of Php2.16Bn.  

Today, the companies released an official statement after issues have been raised in some government agencies.


“To address the issues which have been raised by certain  legislators and the National Telecommunications  Commission on the proposed investment by ABS-CBN  for a minority interest in TV5, ABS-CBN and TV5 have  agreed to a pause in their closing preparations. 

This pause will give the space for both media  organizations to respond to the issues and accommodate  any relevant changes to the terms. 

Both ABS-CBN and TV5 believe that an agreement  between the two media companies will have a favorable  impact on Philippine media, and on free-to-air  television—which remains the most affordable and  extensive source of entertainment and public service to  Filipinos.”

See also  Parokya ni Edgar Receives Gold and Platinum Record Awards

Random Review: Gayle Oblea's 'As The Moth Flies'


Vice Ganda named Celebrity of the Year, tied with Joshua Garcia

About Author

The Home of Pinoy Pop Culture.
The blog site for everyone who loves trends, culture and random wows!

Check Also