Manila, Philippines – Barely a month after Philippine media giants ABS-CBN and TV5 have announced their sales and purchase agreement, both companies have now agreed to terminate said agreement. This comes after both companies temporarily suspended their partnership following lawmaker and regulator concerns.
In a stock exchange filing submitted by ABS-CBN to the Philippine Stock Exchange (PSE), the company said that both parties confirmed that they have not implemented any of the transactions covered by the sale and purchase Agreement, as well as the debt instruments agreement.
In a separate disclosure, TV5 and ABS-CBN also announced that they have mutually agreed to terminate the investment agreement dated 10 August covering the proposed acquisition by ABS-CBN of 34.99% equity interest in TV5 and the convertible note agreement dated 10 August covering the proposed subscription by ABS-CBN to a convertible note to be issued by TV5.
As previously reported by Inquirer, National Telecommunications Commission (NTC) Commissioner Gamaliel Cordoba said that Congress should look into the previous allegations brought to ABS-CBN and its holding company Lopez Holdings during the 2020 Congress session on the media giant’s franchise, including tax payments and foreign ownership that ABS-CBN had refuted before.
