ABS-CBN buys 35% stake in TV5; NTC retains watch

ABS-CBN Corp. and TV5 Community Inc. of businessman Manuel V. Pangilinan on Thursday introduced an funding settlement that’s seen to boost TV5’s presence within the broadcast business and provides the Lopez family-controlled operator of the defunct Channel 2 a method round its lack of congressional franchise and have a everlasting venue to air its packages within the free TV area.

ABS-CBN, in a disclosure to the native bourse, stated it will purchase 6.46 million new widespread shares in TV5 for P2.16 billion. This represents 34.99 % of the overall excellent capital inventory of TV5.

The settlement, which is focused to be closed throughout the month, additionally contains P1.84 billion value of convertible …

Carry on studying: ABS-CBN buys 35% stake in TV5; NTC keeps watch

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