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.

Manila, Philippines – Cable television service Sky Cable is set to make its final broadcast on February 26 following the approval of the Philippine Competition Commission (PCC) to PLDT to acquire Sky Cable.

In a text advisory sent out to its users, Sky Cable said that it will officially discontinue its cable TV business following its last broadcast day and in anticipation of the PLDT acquisition. Said advisory is also reflected in its official website.

“In anticipation of and pursuant to the closing conditions of the PLDT-SKY acquisition deal, SKY will now begin its transition into a dedicated internet service provider. With this deal, SKY will discontinue its cable TV operations effective February 27, 2024. The final broadcast and sign-off of SKYcable will be on February 26, 2024 at 11:59pm,” the company stated.

It is worth noting, however, that SKY Fiber will still continue operations, with the company promising that subscribers will be provided with the same level of service and customer experience.

“Thank you for your years of support and for making SKYcable a part of your home,” the company concluded.

Recent stock filings by ABS-CBN, the parent company of Sky Cable, and PLDT that the Philippine Competition Commission has already approved the acquisition, and is now subject to closing conditions and final approval through a disclosure to the Philippine Stock Exchange (PSE) by March 16.

Last week, PLDT clarified news about the acquisition following media reports suggesting that the Sky Cable acquisition had already been closed by both parties.

“Once the approval of the PCC is obtained, the sellers will continue to work on the other closing conditions which include, among others, the termination or cessation of Sky’s pay TV and cable businesses, obtaining all other applicable government approvals and clearances, and obtaining all required consents and corporate actions,” it previously said.

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.

Manila, Philippines – The Philippine Long Distance Telephone (PLDT) company has clarified that its proposed acquisition of the broadband business of Sky Cable has yet to be approved by the Philippine Competition Commission (PCC).

This comes after multiple media reports stated that the PCC has approved PLDT’s acquisition of Sky Cable for PHP6.75b.

In a recent stock filing by PLDT, the company clarified that PCC has yet to conclude its review process of the proposed merger.

“Once the approval of the PCC is obtained, the sellers will continue to work on the other closing conditions which include, among others, the termination or cessation of Sky’s pay TV and cable businesses, obtaining all other applicable government approvals and clearances, and obtaining all required consents and corporate actions,” PLDT said.

Moreover, the company said that obtaining the closing conditions for the acquisition is necessary for the implementation of the proposed transaction.

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.

“The proceeds from the sale of the shares of ABS-CBN and the settlement of Sky Vision’s obligations to ABS-CBN will be used by ABS-CBN to settle and fund its retirement obligations. The sale of the company’s ownership in Sky will also allow ABS-CBN to focus its resources on content creation,” ABS-CBN back then.

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.

Manila, Philippines – The Walt Disney Company has officially closed its remaining linear TV channels in Southeast Asia which included National Geographic, National Geographic Wild, Star World, Star Movies, Star Chinese Channel, Star Chinese Films, and BabyTV.

This officially took effect on October 1, as the company aims to move into direct-to-consumer streaming endeavours.

In the Philippines, cable television provider SKYcable is offering its users to alternatively watch from the channels ZooMoo, Cartoonito, History Channel, Discovery Channel, Animal Planet, Love Nature, CCM, CGTN, CGTN Documentary, CCTV 4, and KIX.

The Walt Disney Company had already decided on the channel closures back in June this year, as it aims to retain a streamlined television portfolio with channels in Japan, China, Australia and New Zealand for the time being.

The multinational entertainment company has made similar moves back in 2020 and 2021. Some of its closed channels include Fox, Fox Crime, Fox Life, FX, and Channel V, as well as ox Action Movies, Fox Family Movies, Fox Movies and Star Movies China. Other channels that are being closed include Fox Sports, Fox Sports 2, Fox Sports 3, Star Sports 1, Star Sports 2, Disney Channel, Disney Junior, Nat Geo People and SCM Legend.

Manila, Philippines – ABS-CBN and TV5, two of the media giants in the country, have reached a new partnership deal where ABS-CBN has acquired shares from TV5, which is majorly owned by MediaQuest.

According to a joint statement, ABS-CBN Corp will acquire 6,459,393 primary (new) common shares in TV5, representing around 34.99% of the total voting and outstanding capital stock of TV5 for PHP2.16b.

The deal also sees MediaQuest, which is owned by the PLDT Beneficial Trust Fund, its stake reduced to 64.79 percent after the deal is finished. ABS-CBN can also acquire additional shares in TV5, which may increase the Kapamilya network’s stake in the Kapatid network to 49.92% after 8 years.

As part of the partnership deal as well, cable and satellite TV subsidiaries of ABS-CBN and PLDT also entered into a similar deal. Cignal Cable Corp, under MediaQuest, said it was acquiring 38.88% of Sky Cable Corp, under ABS-CBN, for PHP2.862b.

“The investment of Sky Cable by Cignal Cable is expected to benefit the former’s existing customer base consisting of over 300,000 cable subscribers and close to 350,000 broadband subscribers as of the end of June 2022,” MediaQuest said.

The company also added, “The proceeds of the sale of the Sale Shares, the Convertible Note and the issuance of the Debt Instrument in the total amount of PHP7.5b will be used to repay certain obligations of ABS-CBN and Sky Vision and to fund the investment of ABS-CBN in TV5.”

ABS-CBN Chairman Mark L. Lopez said the partnership was an opportunity to help TV5 grow, strengthen its free to air network, and take it to the next level.

“For ABS, it presents a fantastic platform for us to achieve synergies in production content and talent management as well as maximizing our content delivery. We look forward to be of greater service to the public as we come together in taking TV5 to the next level,” Lopez said.

Meanwhile, Manny Pangilinan, chairman at MediaQuest, commented, “ABS-CBN has always been the leading developer and provider of Filipino-related entertainment content not only in the Philippines but overseas as well. Our companies have always had these cherished values of providing top and quality programs in the service of the Filipino people and together we believe we can achieve this in greater measure and success.”

Last year, the ABS-CBN network began showing popular primetime programs of ABS-CBN such as ‘FPJ’s Ang Probinsyano’ as well as the long-running variety show ‘ASAP Natin ‘To’ on TV5.