Lopez family branches to infuse P2.2-billion into ABS-CBN

The three branches of the Lopez family majority, comprised of Crème Investment Corporation, Mantes Corporation and Presta Holdings Company Inc., said they will invest P2.2 billion in ABS-CBN Corporation. The funds would come from their own personal resources.

Crème Investment Corporation serves as the private holding vehicle for the branch of the Lopez family descended from the late Eugenio “Geny” Lopez, Jr. through which Eugenio “Gabby” Lopez III and his six siblings had held a 25.7 percent stake in Lopez Inc., the ultimate private holding company at the top of the century-old Lopez Group of Companies controlling majority shares in Lopez Holdings Corporation which, in turn, owns major stakes in various enterprises including ABS-CBN Corporation and First Philippine Holdings Corporation.

Said 25.7 percent stake of the Eugenio Lopez branch of the family had just been sold for an undisclosed amount to billionaire businessman Ramon S. Ang, president and CEO of Top Frontier Investment Holdings Inc., which is the largest shareholder of diversified conglomerate San Miguel Corporation.

Meanwhile, Mantes Corporation which owns 29.1 percent of Lopez Inc. is held by the heirs of the late Manolo Lopez while Presta Holdings Co. Inc., holds the 15.98 percent shares in Lopez Inc. owned by the heirs of the late Presentacion Lopez Psinakis.

Part of the family for generations

On behalf of the family members belonging to the three branches of the Lopez family which have signified investing in ABS-CBN, Eugenio “Gabby” Lopez said, “ABS-CBN has been part of this family for generations. The mission our family set out to pursue remains the heartbeat of this family — to be in service of the Filipino.”

Geny Lopez (known as “Kapitan”) was president of ABS-CBN Corporation which was founded by his father Eugenio “Ening” Lopez Sr., and uncle Fernando Lopez. Geny ran the network in the late 1950s and 1960s, turning it into the leading broadcast empire in Asia.

Ferdinand E. Marcos Sr. declared martial law in 1972 and seized the network, incarcerating Geny on trumped up charges. The latter escaped from prison and went into exile in the US.

Dominant position

Following the 1986 EDSA People Power revolution, Geny returned to the Philippines and, with a core of pre-martial law staff, revived ABS-CBN, steering it back to its dominant position in Philippine broadcasting through the late 1980s until its franchise, which had been granted on 30 March 1995, expired on 4 May 2020. It was not renewed by Congress.

Yesterday, Gabby Lopez, citing his father’s mission and vision behind ABS-CBN, that is, “to be in service of the Filipino.” said, “we are putting our own money behind this conviction.”

Support ABS-CBN’s recovery plans

A statement issued to media said the funds to be poured by members of the Lopez family into the debt-beleaguered broadcast network are intended to address obligations due to long-serving employees and to support ABS-CBN’s recovery plans.

The statement also said that details regarding the investment will be finalized with ABS-CBN.