In a surprise development, ABS-CBN and TV5 on 1 September announced they have “mutually agreed to terminate their investment agreement dated 10 August 2022.”
The deal would’ve involved ABS-CBN acquiring 34.99 percent equity interest in TV5.
The transaction was valued at P2.16 billion.
TV5 was to use proceeds from the deal, totaling P4 billion, along with P1.84 billion convertible notes, to fund its capital and operating expenditures.
The agreement would’ve also allowed ABS-CBN to air some of its programs on TV5.
The announcement also clarified both parties have not implemented any of the transactions covered by the agreement.
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