The Lopez-owned network, which has been off the air since 2020, will be "investing" in TV5 under the joint venture, where ABS-CBN will have a 35% stake, while TV5 will hold the remaining 65%, Pangilinan told reporters.
"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," ABS-CBN News quoted Pangilinan as saying.
TV5 is under MediaQuest, which control's the media and entertainment assets of Pangilinan-led Metro Pacific Investments Corp.
Pangilinan said he could secure board approval for the ABS-CBN-TV5 joint venture "sometime August".
Select programs of ABS-CBN had been airing for months on TV5 aside from its online properties, including the soon-to-end "Ang Probinsyano" and "It's Showtime".