Aborted TV5/ABS deal: Viewing public is loser
What caused the TV5/ABS-CBN partnership deal to be aborted?
Observers speculated that TV5's Manny V. Pangilinan decided to terminate the transaction — in which ABS-CBN was to invest P2.16 billion, equivalent to a 34.9 percent stake — for fear of repercussions against other MVP-led companies such as PLDT and Meralco.
To recall, ABS-CBN (which has been run by the Lopezes since 1953) and TV5 (owned by PLDT's MediaQuest Holdings), announced on 24 August they will "halt" the partnership to address "issues which have been raised by certain legislators and the National Telecommunications Commission."
<strong>Photographs courtesy of abs-cbn and tv5</strong><br />jane de Leon as the new 'Darna,' which airs on TV5, A2Z, and iWantTFC.
The partnership had earlier been seen as a "landmark" deal for the variety of content it would bring to free TV.
It had likewise brought hope to the broadcast industry via increased advertising revenue and more jobs.
It could have challenged the current monopoly of a rival network which has benefited from the congressional rejection of ABS-CBN's broadcast franchise renewal in 2020.
