Manila, Philippines – PLDT and ABS-CBN have jointly announced that it will cancel the proposed acquisition of Sky Cable, a cable television service provider owned by ABS-CBN. The announcement was made via Sky Cable’s official media channels.
Both parties have not mentioned the reason for this cancellation. MARKETECH APAC checked both stock disclosures of PLDT and ABS-CBN for further information, but no other details of the reason for the acquisition cancellation have been disclosed as of this writing.
With this, Sky Cable will continue its broadcasting operations beyond February 26, the supposed final broadcast date for the cable TV service provider. Its broadband operations remain unaffected as well.
“We thank all our SKY subscribers for their continued patronage and support. We remain committed to providing the same level of customer experience and service for both our cable and internet services,” the company said.
It is worth noting that both the Philippine Competition Commission (PCC) and the Securities and Exchange Commission (SEC) have already approved the acquisition deal earlier this year.
Details about the merger first came into light when ABS-CBN, the parent company of Sky Cable, signed an agreement with PLDT back in March 2023 to sell off fully the business to PLDT. It is also worth noting that Cignal, the media firm under PLDT’s MediaQuest affiliate, had already a 34.99% stake in Sky Cable, which materialised back in 2022.
