ABS-CBN Corp and TV5 have reached a partnership deal where ABS-CBN will acquire shares of TV5 amounting to PHP 2.16 billion.
In a report by ABS-CBN News, the investment agreement allows ABS-CBN Corp to acquire 6,459,393 primary (new) common shares in TV5 representing 34.99% of the total voting and outstanding capital stock of TV5 for PHP 2.16 billion. MediaQuest, which currently owns 99.67% of TV5, will have its ownership reduced to 64.79% after the deal.
ABS-CBN will also acquire additional shares in TV5, which will increase its shares to 49.92% after 8 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.