Newsflash: MVP Group to Own Majority Stake in ABS-CBN
After more than a year of negotiations, Manny V. Pangilinan is set to seal a joint venture deal with Lopez-led media company ABS-CBN Corp.
ABS-CBN is one of the largest networks in the Philippines, as it boasts a large viewership rating and loyal fanbase. Established on October 23, 1953—68 years ago—the company is owned and managed by the Lopez Group and has branded itself as the Kapamilya Channel with celebrities like Angel Locsin, Liza Soberano, Anne Curtis, and many more joining its ranks.
However, all this changed when the news channel met its match in a franchise renewal controversy last 2020, which caused the shutdown of its free TV and radio broadcasting segments. Despite this, ABS-CBN still maintains an online presence through its website and social media channels as a go-to for news and updates.
As one to rise from the ashes, ABS-CBN powers on as it enters a joint venture deal with billionaire Manny V. Pangilinan (MVP). After more than a year of negotiations, the MVP Group is set to own a 65% stake with ABS-CBN—with the signing set sometime in August or September.
ABS-CBN and MVP: A Likely Partnership
“It’s fair to characterize that we’re at the closing stages. I think the likelihood of an agreement with them is high and it’s near,” MVP told reporters during PLDT’s briefing on its financial results last Thursday. He then goes on to add that TV5’s parent company Media Quest Holdings will be taking a 65% stake in the joint venture, with ABS-CBN owning the remaining 35%.
MVP does, however, clarify that this does not mean taking over the media company in itself. “We are not acquiring ABS-CBN. Instead, they will be investing in TV5. The model we are working on is it will be a joint venture between TV5, using the platform of TV5 as the free-to-air broadcast platform of both TV5 and PLDT Group and the ABS-CBN group.”
With a partnership likely in place, MVP said that they were targeting to close the deal either this month or by September of this year. To date, TV5 and ABS-CBN have already started a collaboration with both talents and production, as the Lopez Media firm has begun producing more shows for TV5.
Likewise, last April, ABS-CBN, and its rival GMA entered into a deal that opens up the possibility of future partnerships and cooperation between the two networks, as both signed a contract to license some of Star Cinema’s most popular and well-loved movies to air in GMA.