Abs-cbn, once The Philippines largest broadcast group, said Thursday that it would sell its internet and broadband division Sky Cable to Pldt, the country’s biggest telecoms company.
The transaction is valued at $123 million and means that Abs-cbn will focus even more on content production and distribution.
“The proceeds from the sale of the shares of Abs-cbn and the settlement of Sky Vision’s obligations to Abs-cbn will be used by Abs-cbn to settle and fund its retirement obligations. The sale of the company’s ownership in Sky will also allow Abs-cbn to focus its resources on content creation,” Abs-cbn said. Since losing its TV licenses, it distributes it content via its own streaming business and on Facebook and YouTube.
Abs-cbn was stripped of its TV licenses in 2020 during the presidency of Rodrigo Duterte, apparently for criticizing some of his policies and refusing to air some of his campaign advertisements.
The transaction is valued at $123 million and means that Abs-cbn will focus even more on content production and distribution.
“The proceeds from the sale of the shares of Abs-cbn and the settlement of Sky Vision’s obligations to Abs-cbn will be used by Abs-cbn to settle and fund its retirement obligations. The sale of the company’s ownership in Sky will also allow Abs-cbn to focus its resources on content creation,” Abs-cbn said. Since losing its TV licenses, it distributes it content via its own streaming business and on Facebook and YouTube.
Abs-cbn was stripped of its TV licenses in 2020 during the presidency of Rodrigo Duterte, apparently for criticizing some of his policies and refusing to air some of his campaign advertisements.
- 3/16/2023
- by Patrick Frater
- Variety Film + TV
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