ABS-CBN Corp., the broadcast arm of the Lopez Group, said in a disclosure to the Philippine Stock Exchange Thursday its board of directors approved on March 16 the sale of its interests directly or indirectly representing 58.7 percent of the outstanding capital stock of Sky Cable which would cease its pay TV services.Other stockholders of Sky Cable, Lopez Inc. and Sky Vision Corp. also agreed to sell their shares in Sky Cable to PLDT.
“The closing of the proposed transaction shall be subject to compliance with certain conditions precedent, which includes, among others, Sky Cable engaging exclusively in the broadband business, with the termination or cessation of operations of its pay TV and cable businesses and obtaining all applicable government approvals and clearances,” it said.
The company said the sale of its ownership in Sky Cable would allow ABS-CBN to focus its resources on content creation. PLDT said in a separate disclosure the proposed transaction is aligned with its mission to narrow the digital divide by expanding broadband connectivity and support the government’s push to expand the nation’s digital infrastructure.
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