By Aric John Sy Cua
RIVAL networks ABS-CBN and TV5 have called off their investment deal, amid a hearing at the House of Representatives on their "merger."
Disclosures reveal that Sky Cable and Cignal, rivaling cable companies, have also terminated their deal.
"In disclosures to both the Philippine Stock Exchange and the Securities Exchange Commission today, Sky Vision Corporation ("Sky Vision"), ABS-CBN Corporation, Lopez, Inc., and Cignal Cable Corporation ("Cignal Cable"), announced that they have mutually agreed to terminate the Sale and Purchase Agreement dated August 10, 2022 covering the proposed acquisition by Cignal Cable of 38.88 percent equity interest in Sky Cable Corporation and the Debt Instruments Agreement dated August 10, 2022 covering the proposed subscription by Cignal Cable to an Exchangeable Debt Instrument to be issued by Sky Vision and the proposed acquisition by Cignal Cable of a Convertible Note issued by Sky Cable," a statement posted by ABS-CBN on social media said.
ABS-CBN said that the termination was formalized through a Memorandum of Agreement.
In addition, another disclosure read that the two networks have "mutually agreed to terminate" their August 10 investment agreement.
"In a separate disclosure, TV5 Network, Inc. ("TV5") and ABS-CBN Corporation ("ABS-CBN") also announced that they have mutually agreed to terminate the Investment Agreement dated August 10 2022 covering the proposed acquisition by ABS-CBN of 34.99 percent equity interest in TV5 and the Convertible Note Agreement dated August 10, 2022 covering the proposed subscription by ABS-CBN to a Convertible Note to be issued by TV5," according to the network.
"The termination was also formalized through a Memorandum of Agreement. The Parties confirmed that they have not implemented any of the transactions covered by the Investment Agreement and the Convertible Note Agreement."
TV5 has been broadcasting some ABS-CBN shows after the network's franchise was not renewed in 2020, which led to the deal between the two networks but Sagip Rep. Rodante Marcoleta was not in favor and called for a hearing in the House of Representatives on the matter.
