On August 4, TV5 chairman and business tycoon Manny Pangilinan (MVP) said that their joint venture with ABS-CBN is at its ‘closing stage’ and is bound to be signed.
“It’s fair to characterize that we’re at the closing stages. I think the likelihood of an agreement with them is high, and it’s near,” Pangilinan said during PLDT financial briefing.
However, MVP clarified that they would not acquire ABS-CBN; instead, the latter will invest in their network with a 35-65 share agreement—35% for ABS-CBN, 65% for Media Quest, the mother company of 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.
“We are not acquiring ABS-CBN. We are not acquiring any shares in ABS; instead, they will be investing in TV5.”
For now, they are finalizing the venture details considering the provisions stated in the Bayanihan 2 law and expect the agreement to be signed by August or September.
“We do have to get board approval as soon as we can. Sometime August definitely, maybe in the next two weeks, three weeks.”
MVP they do not secure approval from Philippine Competition Commission and the National Telecommunication Commission anymore.
The two media giants have been in contact regarding this partnership for over a year. Currently, ABS-CBN has a block time agreement with TV5, which is why Kapamilya shows are aired on the latter.
In 2020, ABS-CBN secured a block time deal with Zoe Broadcasting Network to air its programs via A2Z Channel 11.