TV5, ABS-CBN clinch union
Approximately, we do have to get board approval as soon as we can sometime in August, maybe in the next two or three weeks
MediaQuest Holdings Inc., which operates the TV5 Network and ABS-CBN Corp. are close to finalizing their plan to form a joint venture company that would allow them to strengthen and expand their existing partnership.
“We’ve been having discussions with them for over a year and it’s fair to characterize it in the close stages. The likelihood of an agreement with them is high and near,” MediaQuest chairperson Manuel V. Pangilinan told reporters in a spot interview on Thursday.
“Approximately, we do have to get board approval as soon as we can sometime in August, maybe in the next two or three weeks. That’s broadly the timetable that we are working under,” he added.
No ownership sale
Pangilinan said the agreement would allow ABS-CBN to use the free-to-air and broadcast platform of the TV5 Network, but clarified that it will not be selling its share to ABS-CBN.
“The model we are working on will be a joint venture using TV5 as the free-to -air broadcast platform of both TV5 and ABS-CBN. We are not acquiring ABS -CBN, we are not acquiring any shares in ABS-CBN. It’s them putting in money and assets into the TV5. From an equity standpoint, it will start at approximately 35 percent for them and 65 percent for Media Quest,” he explained.
TV5 and ABS-CBN have an existing partnership that allows the Lopez -led network company to air some of its entertainment programs on the Kapatid network, such as FPJ’s Ang Probinsyano, ASAP Natin ‘To, 2 Good 2 Be True and A Family Affair.
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