MANILA, Philippines – Telco giant PLDT is set to acquire Sky Cable Corporation’s broadband business for P6.75 billion, further expanding the former’s hold into the broadband space.
The deal also entails that Sky Cable’s paid TV and cable businesses will be terminated, according to stock exchange filings submitted on Thursday, March 16, by PLDT and Sky Cable’s majority shareholder, ABS-CBN. ABS-CBN did not disclose what it would do to its cable channels, including flagship news channel ANC, after the deal.
due to political pressure, alongside the landmark deal that was supposed to consolidate the media resources of ABS-CBN and TV5.PLDT said that buying Sky Cable’s broadband business would benefit existing broadband subscribers of both PLDT and Sky Cable, as it would expand the coverage of offerings and services.