Philippine Lawmakers Deny TV Giant ABS-CBN’s Franchise Bid
- Broadcaster’s shares fall after TV, radio stations go off air
- Seventy out of 84 lawmakers vote to deny application
A pedestrian walks past the ABS-CBN Corp. Broadcasting Center in Metro Manila, the Philippines.
Photographer: Veejay Villafranca/BloombergThis article is for subscribers only.
Philippine lawmakers rejected a bid by ABS-CBN Corp., the country’s largest media company, to secure a 25-year franchise, casting uncertainty over how the broadcaster will operate after two months of state-ordered shutdown.
A House of Representatives committee on Friday adopted a sub-group’s recommendation to deny ABS-CBN’s application. The company’s main television and radio stations have been shut since May when its franchise lapsed. The broadcaster can file an appeal, according to House rules, but it will be processed by the same panel. Seventy out of 84 lawmakers voted to deny the franchise bid.