The media company said that the amounts and manner by which the claims were made ‘remain disputed,’ but it has sought more time and is ‘doing everything we can to address these payments’ within the 30-day period given it by TV5.
ABS-CBN Corp. has committed to settle disputed payment claims of nearly a billion pesos after confirming it has received TV5’s notice terminating their TV Content Supply Agreement.
The media company said Thursday that the amounts and manner by which the claims were indicated in the notice “remain disputed,” but it has sought more time and is “doing everything we can to address these payments” within the 30-day period given by TV5.
Terminated content agreement
The now-terminated content agreement has allowed TV5 to broadcast ABS-CBN’s flagship entertainment programs, including primetime dramas FPJ’s Batang Quiapo, The Iron Heart and Dirty Linen, as well as variety and game shows such as Everybody Sing and ASAP Natin ‘To.
“We deeply regret that this action has been taken at this critical juncture in our recovery,” ABS-CBN said, adding it remains open to “fair and reasonable solutions that recognize the extraordinary circumstances our company has faced.”
Allegations rejected
ABS-CBN also rejected allegations that it deliberately delayed payments, saying such claims fail to take into account the steep financial challenges stemming from the loss of its broadcast franchise in 2020.
The shutdown and subsequent non-renewal “significantly reduced ABS-CBN’s revenues,” pushing the company into losses as it attempts to rebuild.
The company said that if its partnership with TV5 is ultimately severed, it will continue to find ways to reach Filipino audiences.
“We will not abandon our Kapamilya and will find ways to continue serving you,” it said.
Housing is probably the biggest issue affecting people the world over.
Malacañang on Monday called for a more thorough investigation into the questioned flood control projects in Taguig…
The defense on Monday backed the move by senator-judges to exclude a prosecution witness who testified on the firearms…
