ABS-CBN said Thursday it signed an investment agreement with TV5 that will pave the way for more Kapamilya shows to air on billionaire Manuel V. Pangilinan's network.
According to a report on ABS-CBN News, the network's President Carlo Katigbak and Chairman Mark Lopez signed the deal together with Pangilinan last Wednesday.
The joint venture will give ABS-CBN a free TV platform for its content, which had been largely limited to streaming since Congress denied its petition for a fresh franchise in 2020, at the height of the pandemic.
It will also give TV5 much-needed content after settling for years in third place, behind ABS-CBN and GMA Network at the height of the TV wars.
ABS-CBN Corp will acquire new 6,459,393 shares in TV5, worth P2.16 billion, representing 34.99% of the total voting and outstanding capital stock of TV5, according to the report. This will reduce MediaQuest's stake in TV5 to 64.79%.
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