Two major networks in the country are joining forces as ABS-CBN Corporation and TV5 Network, Inc. announced a PHP 2.16 billion investment agreement.
Following this, MediaQuest group's equity in TV5 will be reduced to 64.79%, but it will remain as the controlling shareholder. As for ABC-CBN Chairman Mark Lopez, it presents a fantastic platform for us to achieve synergies in production content and talent management as well as maximizing our content delivery.
This will allow the former, subject to regulatory approvals, to acquire additional common shares of the Pangilinan-led firm after 8 years from the issuance of the convertible note. This will increase ABS-CBN’s equity to no more than 49.92 percent.
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