ABS-CBN, TV5 to wrap up joint venture
Business tycoon Manuel V. Pangilinan (MVP) revealed Thursday that a joint venture between ABS-CBN Corp. and TV5 is in the "closing stages."
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| Who's excited about this joint venture? |
Board approval to be secured "this month"
During a PLDT financial briefing, MVP revealed that his company and the Philippines' largest broadcasting network have been in talks for over a year.
We have been having discussions with them for over a year. But it is fair to characterize it as we're in the closing stages. I think the likelihood of an agreement with them is high. It's near, he shared.
Pangilinan also clarified the nature of the deal between the two networks. Earlier, the two parties were looking at a 50-50 split, however, MVP said it will be a 35-65 agreement with the latter under TV5 owner Media Quest.
The model we are working on is it will be a joint venture between TV5, using the platform of TV5 as the free-to-air broadcast platform of both TV5 and PLDT Group and the ABS-CBN group. We are not acquiring ABS-CBN. We are not acquiring any shares in ABS, instead, they will be investing in TV5, he added.
MVP also mentioned that approval from Philippine Competition Commission and the National Telecommunication Commission is not needed for this joint venture.
What do you think, guys?
Via: ABS-CBN News
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