SKY to end TV operations on Feb 27

The move comes as the PLDT-SKY deal heads to a close.

File photo: SKY Cable Corporation logo

Around a month left for SKY on air

In an advisory, SKY announced it will be ceasing TV operations next month.

In anticipation of and pursuant to the closing conditions of the PLDT-SKY acquisition deal, SKY will now begin its transition into a dedicated internet service provider, it said in the statement posted on Facebook.

With this deal, SKY will discontinue its cable TV operations effective February 27, 2024, it added.

Just last week, the Philippine Competition Commission allowed PLDT, Inc. to purchase Sky Cable Corporation’s broadband business.

PLDT can now have 100 percent of Sky Cable's broadband business and related assets.

Reports say that the total value of this is PHP 6.75 billion. It covers 1.37 billion shares at PHP 4.9043 each.

PLDT said the acquisition would benefit subscribers of both companies as it would boost coverage in remote areas. Boosted coverage in remote areas would also be beneficial to its subscribers.

Sky Cable's parent company ABS-CBN said that the antitrust body nodded to the "transaction which is still subject to a number of closing conditions."

ABS-CBN will disclose the material information to update the disclosure made to the exchange once it becomes available.

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Source: SKY