ABS-CBN and TV5 pause partnership preparations amid legislator concerns
Philippine media giants ABS-CBN and TV5 have announced that they have decided to pause the closing preparations to seal their partnership amid issues raised by legislators and the National Telecommunications Commission (NTC).
The deal was set to serve as a milestone for both companies, with ABS-CBN planning a minority interest of 34.99% of TV5 to air more shows on the Kapatid channel. ABS-CBN's total investment is priced at P4 billion.
In a statement released on Aug. 24, they shared that the 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," they added.
The deal comes two years after ABS-CBN was denied the renewal of its franchise, 70-11, by the House of Representatives Committee on Legislative franchises. ABS-CBN has since been airing shows via Kapamilya Online Live on various social media platforms, iWantTFC, and TV5.
The proposed larger investment in TV5 will allow more airtime for ABS-CBN's shows. Per ABS-CBN, the partnership was set to be inked within August of 2022, "and closing is subject to fulfillment of certain closing conditions," which are now being addressed.
