Signed in 2023, the dispute arose when reports of ‘delayed payment’ as well as ‘ploying to delay’ the payment of almost 1 billion pesos (US$16.9m) to TV5 emerged, to which ABS-CBN, in a statement, denied.

“There is no truth to any insinuation that ABS-CBN willfully delayed payment. Such characterisations fail to acknowledge the severe financial constraints imposed on us through circumstances beyond our control,” ABS-CBN clarified.

View this post on Instagram

A post shared by ABS-CBN PR (@abscbnpr)

This pullout indicates that content agreement terms, including co-production of projects and airing of ABS-CBN programs on TV5, will be discontinued.

According to a report released by Bilyonaryo.com, TV5 demanded the payment of 946.16 million pesos (US$16m) on October 30 this year, an amount representing ABS-CBN’s share under the 2023 signed agreement. It was also stated that TV5 stressed these revenues underscore the latter’s alleged non-remittance.

ABS-CBN, on the other hand, issued on the same statement that they have been seeking ‘additional time to resolve this matter’, thus, working urgently within the thirty days allotted.

“While this timeline is challenging given our current circumstances, we are committed to finding a way to fulfill our obligations—not only to TV5 but to all our partners and stakeholders. We remain open to fair and reasonable solutions that recognize the extraordinary circumstances our company has faced,” the statement continued.

This notice of termination is said to be another stack added to the pile of what ABS-CBN stated as a ‘critical juncture in our recovery’.

It can be remembered that ABS-CBN was taken off air back in May 2020 after the National Telecommunications Commission (NTC) issued a cease-and-desist order, permanently stopping ABS-CBN’s free-to-air TV and radio broadcasting services.

While the media company has been adamant in applying for franchise renewal, the House of Representatives, two months after the order, has denied the re-application.

“It is our sincere desire to continue serving the Filipino and finding solutions that reflect the spirit of collaboration and mutual understanding—solutions that are best not only for our partners and us, but for the millions of Filipinos who depend on quality content,” wrote ABS-CBN.

In 2022, both TV5 and ABS-CBN entered a partnership deal where ABS-CBN is to acquire shares from the former. However, the said partnership was terminated just barely a month after the announcement due to regulatory concerns.

The post ABS-CBN recovery efforts hit challenge as TV5 ends five-year content agreement appeared first on MARKETECH APAC.

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.

The post ABS-CBN, TV5 terminate previously-announced partnership agreement appeared first on MARKETECH APAC.

In a joint statement, ABS-CBN and TV5 said that the pause will give the space for both media organisations 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 favourable 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,” both companies stated.

Through the previously announced partnership, 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.

In addition, 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.

In a report 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.

In addition, Sagip party list lawmaker Rodante Marcoleta, who was one of the primary Congress members that forced ABS-CBN out of air in 2020, delivered a privilege speech against the deal. This was then followed by three members of the House of Representatives filing separate resolutions to investigate the deal.

ABS-CBN has been forced off-air in 2020 after failing to renew its franchise and heavy scrutiny from Congress over alleged foreign ownership of the media giant.

The post PH media giants ABS-CBN, TV5 pause historic deal following lawmaker concerns appeared first on MARKETECH APAC.

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.

The post PH media giants ABS-CBN, TV5 reach new partnership deal appeared first on MARKETECH APAC.

RESET 2021 will be graced by performances from artists Bamboo, The Itchyworms, Unique Salonga, as well as R&B artist Kiana Valenciano, alternative rock band She’s Only Sixteen, and disc jockeys Ace Ramos and MC Pao Avila.

The year-ender concert is a prelude to the telco’s ‘GigaFest’, a whole season of celebration featuring world-class entertainment, esports tournaments, digital innovations, promos, and freebies to give back to all loyal and new Smart subscribers all over the country, including their latest raffle promo GIGAMANIA that gives Smart users a chance to win smartphones, free data and P1M cash during the weekly draws.

“After a most challenging year, we are one with our nation in hoping for a brighter and better 2021. This is the time to find our footing once again, rise together, and #OWN2021 with a sense of renewed purpose,” said Jane J. Basas, SVP and head of consumer wireless business at Smart. 

Prior to this virtual concert, Smart has hosted several online concerts, including Dua Lipa and her “Studio 2054” last November, and the 2020 Mnet ASIAN MUSIC AWARDS (2020 MAMA) earlier in the month.

RESET 2021 will be streamed live on Smart’s YouTube channel on December 31, and will be available for simulcast on local channels TV5 and Cignal on the same date at 10:40 pm.

The post PH telco Smart to welcome 2021 with star-studded year-ender concert appeared first on MARKETECH APAC.