#cignal cable sky cable

Along with the ABS-CBN and TV5 deal, Cignal Cable also entered into a Sale and Purchase Agreement with Sky Vision, ABS-CBN, and Lopez, Inc. Cignal Cable will acquire 38.88% of the total issued and outstanding capital stock (the “Sale Shares”) of Sky Cable Corporation (“Sky Cable”), for a total consideration of PHP 2.862 billion. Cignal Cable's investment is expected to benefit Sky Cable's existing customer base consisting of over 300 thousand cable subscribers and close to 350 thousand broadband subscribers as of the end of June 2022. On the other hand, Cignal Cable believes that its entry into Sky Cable will strengthen and enhance its public services offerings. Sky Cable operates Knowledge Channel and DepEd Channel, which has become learning platforms for the Filipino youth during the pandemic. Cignal Cable plans to expand the public services programs that will be offered by Sky Cable to assist the Government in providing public services to the Filipinos, particularly in remote areas. Simultaneously with the execution of the Sale and Purchase Agreement, the parties executed a Debt Instruments Agreement, whereby Sky Vision Corporation agreed to issue an Exchangeable Debt Instrument (the “Debt Instrument”) to Cignal Cable with a face value of PHP 4.388 billion. The Debt Instrument gives Cignal Cable the option to acquire additional Sky Cable shares equivalent to 61.12% of the outstanding capital stock of Sky Cable after 8 years from its issuance, subject to obtaining regulatory approvals. Read more in our articles including "Cignal Cable to acquire Sky Cable shares worth PHP 2.862 billion" and "SKYcable to discontinue HBO channels on November 30".