Businessman Manuel V. Pangilinan (MVP) revealed that the joint venture between ABS-CBN and TV5 is near completion.
Businessman Manuel V. Pangilinan revealed on Thursday that the joint venture between ABS-CBN and TV5 is near completion.
Speaking at sidelines of the PLDT financial briefing, he said, “We have been having discussions with them for over a year. But it is fair to characterize it as we’re in the closing stages.”MVP made clear: “We are not acquiring ABS-CBN. We are not acquiring any shares in ABS, instead they will be investing in TV5.”
“The model we are working on is, it will be a joint venture between TV5, using the platform of TV5 as the free-to-air broadcast platform of both TV5 and PLDT Group and the ABS-CBN group,” he explained. MVP related they are now inthe process of securing board approval which he believes will be decided “Sometime August definitely, maybe in the next 2 week, 3 weeks.”It has a block time leasing deal with TV5.
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