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Philippines’ ABS-CBN to Buy 35% Stake in TV5 Network

  • ABS-CBN will buy into TV5, while selling a stake in Sky Cable
  • Agreement gives ABS-CBN option to increase stake in TV5
Outside the ABS-CBN Corp. Broadcasting Centre in Metro Manila.

Outside the ABS-CBN Corp. Broadcasting Centre in Metro Manila.

Photographer: Veejay Villafranca/Bloomberg
Updated on

Philippine media company ABS-CBN Corp. has agreed to acquire 35% of free-to-air television company TV5 Network Inc., while selling stakes in its cable television service partly to fund the deal. 

ABS-CBN will buy shares in TV5 for 2.16 billion pesos ($38.9 million), the companies said in a statement released Thursday. The stake of media conglomerate MediaQuest Holdings Inc., owned by PLDT Inc.’s trust fund, in TV5 will be reduced to 64.8%.