Broadcast giant ABS-CBN said it is pausing its agreement with television network TV5

ABS-CBN earlier announced that it was set to acquire P6.46 million new primary common shares of TV5 for P2.16 billion, representing 34.99% of the total voting and outstanding capital stock of the network.

“Both ABS-CBN and TV5 believe that an agreement between the two media companies will have a favorable impact on Philippine media, and on free-to-air television–which remains the most affordable and extensive source of entertainment and public service to Filipinos,” ABS-CBN added.

Lawmakers on Aug. 17 sought an inquiry into the “purchase agreement” between the two broadcast giants, saying TV5 may have violated its legislative franchise for allowing ABS-CBN to air its shows and contents on free television through its channel.

ABS-CBN has been operating without a free TV franchise for over two years now after its 25-year franchise expired. Broadcast giant ABS-CBN said it is pausing its agreement with television network TV5, following concerns raised by lawmakers and the National Telecommunications Commission.

Last Aug. 11, Manny Pangilinan’s TV5 Network Inc. and Lopez-led ABS-CBN Corp. signed a landmark deal, elevating their existing block time agreement to a partnership.

 https://twitter.com/PTVph/status/1562322370702225408?

Advertisement!