After the deal was paused earlier, the ABS-CBN and TV5 joint venture has been shelved for good.
Here’s the official statement:
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 10 August 2022 covering the proposed acquisition by Cignal Cable of 38.88% equity interest in Sky Cable Corporation and the Debt Instruments Agreement dated 10 August 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. The termination was formalized through a Memorandum of Agreement.
The Parties confirmed that they have not implemented any of the transactions covered by the Sale and Purchase Agreement and the Debt Instruments 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 10 August 2022 covering the proposed acquisition by ABS-CBN of 34.99% equity interest in TV5 and the Convertible Note Agreement dated 10 August 2022 covering the proposed subscription by ABS-CBN to a Convertible Note to be issued by TV5. The termination was also formalized through a Memorandum of Agreement. The Parties confirmed that they have not implemented any of the transactions covered bu the Investment Agreement and the Convertible Note Agreement.
-ABS CBN, September 1, 2022
This after the congress’ Committee of Legislative Franchises raises questions about the joint venture. Among the issues raised includes the foreign ownership of the Pangilinan-led firm “Mediaquest”.
