LANDMARK DEAL | MediaQuest, ABS-CBN ink agreement to boost partnership, widen reach

August 11, 2022 , 12:47 PM

By Beatrice Puente

(August 11, 2022) – After a year of negotiations, MediaQuest Holdings, Inc. and ABS-CBN Corporation on Wednesday entered into an investment deal that will help boost their reach across the country, signaling a “transformational” partnership for the two firms.

MediaQuest, which manages TV5, said ABS-CBN will be able to acquire 34.99% of the total voting and outstanding capital stock of the said network, amounting to an aggregate of P2.16 billion.

JUST IN: TV5 signs investment agreeement with ABS-CBN, after more than a year of negotiations

Cignal Cable also acquired 38.88% shares of Sky Cable Corporation@News5PH @onenewsph pic.twitter.com/ujY5PNckAs

— Shyla Francisco (@ShylaFrancisco) August 11, 2022

With this, MediaQuest’s shares on TV5 dropped from 99.67% to 64.79%, but the company, headed by chairperson Manny V. Pangilinan, will still be the controlling shareholder of the network.

“We welcome the investment and entry of ABS-CBN in TV5,” said Pangilinan. “We can now achieve our cherished goal, in greater measure, of providing quality content across entertainment, sports, and news in the service of the Filipino people.”

Aside from the investment deal, ABS-CBN can also acquire additional primary common shares of TV5 of up to 49.92% after eight years through the issuance of a convertible note amounting to P1.84 billion.

MediaQuest said the total amount of P4 billion will be used for capital expenditures and operating expenses of TV5. Pangilinan further added that the organizations “ensured that the transaction meets all the legal requirements of Philippine laws.”

“This transaction is clearly transformational for both companies,” said MediaQuest in a statement. “(It) is envisaged to significantly enhance TV5’s capability to deliver content and coverage to the Filipino public and in the areas of entertainment, news, sports, and public services.”

Meanwhile, Cignal Cable, which is also owned by MediaQuest, signed a sale and purchase agreement for 38.88% of the capital stock of Sky Cable, equivalent to P2.86 billion. With this, the two cable firms will expand and improve their services to subscribers.

“This investment also allows us to improve on public service, especially to the younger Filipinos, provided by the Knowledge Channel and the DepEd (Department of Education) channel, amongst others,” said Pangilinan. “I would like to warmly welcome ABS-CBN and all of its staff and talents into the TV5 family.”

ABS-CBN chairperson Mark Lopez likewise expressed their excitement about the deal with MediaQuest, noting how this will mutually benefit the two companies.

Lopez added that this will help them stay true to their mission of being of service to the people. While online streaming boomed, he noted that many viewers are still relying on traditional media.

“Television and radio will continue to play a role in nation-building in providing truthful information, effective education, and trustworthy public service,” said Lopez. “This is why we continue to look for ways to get our content and stories to reach as many people and audience across the Philippine archipelago.”

Carlo Katigbak, the president and CEO of ABS-CBN, also welcomed the landmark deal as a positive sign.

“We hope the industry evolves from being highly competitive to increasingly collaborative, which benefits all stakeholders in the long run,” said Katigbak.

news.tv5.com.ph is the official website of News5, the news and information division of TV5.

(With reports from Shyla Francisco, News5 | PM)

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