MANILA :Philippine broadcaster ABS-CBN Corp said on Thursday it has terminated a deal to acquire a minority stake in local operator TV5 Network Inc, weeks after some lawmakers questioned the legality of the plan. ABS-CBN, which has been broadcasting content mostly online since losing its rights to operate rad
MANILA :Philippine broadcaster ABS-CBN Corp said on Thursday it has terminated a deal to acquire a minority stake in local operator TV5 Network Inc, weeks after some lawmakers questioned the legality of the plan.
The termination follows concern from some legislators at an inquiry last week that TV5 could be violating its franchise if it went ahead with the plan to sell a 35 per cent stake to ABS-CBN for 2.16 billion pesos . The deal could have allowed ABS-CBN to show some of its programmes to a wider audience through TV5's free-to-air channels. ABS-CBN has said such channels remain the best source of entertainment and public service to Filipinos.
ABS-CBN lost its congressional broadcast franchise in 2020 and was among several media groups hit by legal or licensing problems after angering former President Rodrigo Duterte.