Shares of ABS-CBN traded higher on Monday after the Philippine Star reported that PLDT Inc could aquire its cable unit, SkyCable. The telco said it was "exploring opportunities" without directly commenting on the news.
Since ABS-CBN went off air due to an expired franchise last May, PLDT's sister firm, TV5 has been the distination of exiting Kapamilya stars. Star anchors Ted Failon and Cathy Yang were among the early recruits (Failon for Radyo Singko and Yang for PLDT corporate communications).
Also on Monday, ABS-CBN News reported that thanks to a blocktime deal, its stars Piolo Pascual, Korina Sanchez and Catriona Gray would soon star in shows airing soon on TV5.
The Philippine Star reported that PLDT would bid for SkyCable and was hoping to close a deal before the end of the Chinese lunar ghost month. The Star, like PLDT and TV5 are led by businessman Manny Pangilinan.
ABS-CBN shares closed 0.57% higher, in step with the main index.