ABS-CBN, PLDT cancel Sky Cable deal

The two companies have decided to not push through with the transaction.

File photo: PLDT and Sky Cable logo

ABS-CBN, PLDT cancels Sky Cable deal

In separate statements, both ABS-CBN Corp. and PLDT Inc. announced that they “have mutually decided not to proceed with the sale of Sky Cable to PLDT under the Sale and Purchase Agreement signed by and among the parties in March 2023.”

No other details about the ended deal were provided.

The acquisition deal was first announced in March 2023. Pangilinan-led PLDT was then set to buy Sky for a total purchase price of PHP 6.75 billion.

In January 2024, the Philippine Competition Commission gave its go signal for the transaction.

As part of the deal, Sky Cable also initially announced it would cease operations on February 27, 2024, and begin its transition into a dedicated internet service provider.

But with the recent development, Sky Cable said its cable TV service will continue providing services to its subscribers.

Its internet broadband service SKYFiber, meanwhile, remains unaffected.

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Sources: ABS-CBN, PLDT