ABS-CBN Corp and TV5 have agreed to a partnership in which ABS-CBN will acquire TV5 shares for PHP 2.16 billion.
According to ABS-CBN News, the investment agreement permits ABS-CBN Corp to acquire 6,459,393 main (new) common shares in TV5 for PHP 2.16 billion, representing 34.99 percent of TV5’s total voting and outstanding capital stock. After the transaction, MediaQuest’s ownership of TV5 will be decreased to 64.79 percent from 99.67 percent.
ABS-CBN will also acquire more shares in TV5, bringing its stake to 49.92 percent after eight years.
“For ABS, it presents a fantastic platform for us to achieve synergies in production content and talent management as well as maximizing our content delivery. We look forward to be of greater service to the public as we come together in taking TV5 to the next level,” said ABS-CBN Chairman Mark L. Lopez.