Philippine Media Company ABS-CBN Cancels Deals Aimed at Revival
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Philippine media companies ABS-CBN Corp. and TV5 Network Inc. have terminated investment deals that could have helped revive the former broadcast giant’s business. ABS-CBN’s share price fell.
The companies have “mutually agreed” to end an agreement to acquire 35% of TV5, ABS-CBN said in a statement Thursday. Cignal Cable Corp.’s acquisition of 39% of ABS-CBN unit Sky Cable Corp. was also terminated.