ABS-CBN Corporation and TV5 Network, Inc. agree to hold the closure of their investment agreement, which was expected to be completed this month.
ABS-CBN and TV5 announced the PHP 2.16 billion investment agreement early this month. This will allow ABS-CBN to acquire 6.459 million new common shares in TV5, which represents 34.99 percent of the latter's total and outstanding capital stock. Both ABS-CBN and TV5 believe that an agreement between the two media companies will have a favorable impact on Philippine media, and on free-to-air television—which remains the most affordable and extensive source of entertainment and public service to Filipinos, the networks said.
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