ABS-CBN, TV5 to pause closing preparations to address issues raised by NTC, legislators

TV5 has recently issued a statement announcing that ABS-CBN and TV5 have agreed to a pause in their closing preparations to address issues raised by the NTC and certain legislators.

According to the statement, “the pause will give the space for both media organizations to respond to the issues and accommodate any relevant changes to the terms.”

“Both ABS-CBN and TV5 believe that an agreement between the two media companies will have a favorable impact on Philippine media, and on free-to-air television—which remains the most affordable and extensive source of entertainment and public service to Filipinos,” the statement said.

ABS-CBN and TV5 recently announced that they have reached a partnership deal where ABS-CBN will acquire shares of TV5 amounting to PHP 2.16 billion.