Philippine TV Network Heads to 10-Year Low After Duterte Attacks
- Duterte tells ABS-CBN owners to sell before franchise expires
- Philippine leader also criticized water utilities, owners anew
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ABS-CBN Corp.’s shares are headed to a 10-year low after Philippine President Rodrigo Duterte continued his attacks on the television network he’s accused of bias, urging its owners to sell before its franchise expires in March.
Shares of the media company dropped as much as 6.3% on the first trading day in Manila this year, poised for its lowest close since March 2009. The stock ended 2019 with a 21% loss compared with the local benchmark index’s 4.7% gain for the year.