Embattled Network ABS-CBN continues to find ways to be afloat financially.
Recently, ABS-CBN was able to raise fresh cash, which they will use to cut their debt load.
According to a Bilyonaryo.com article published on November 27, the Kapamilya network sold one of its prime properties in Quezon City, near the ABS-CBN compound.
The land parcel is located in the Scout area of Barangay South Triangle, Diliman, Quezon City, and was sold in the third quarter of 2022.
According to the same article, the proceeds of the sales will be used for their loan commitments to BPI and Unionbank. As of September 2022, the Kapamilya network was able to slash its loan from 20.25 billion to 18.46 billion pesos, or a drop of 9%.
While the Network did not disclose the sale price or the buyer of the asset, the ABS-CBN property was assessed at a value of 1.6 billion as of 2020, a huge appreciation from its value of 136 million when it was purchased.
The Quezon City property was ABS-CBN’s second land asset to be disposed of following the Network’s shutdown in May 2020 due to the non-renewal of its broadcast franchise.
In November 2020, ABS-CBN International also sold its land with a two-story townhouse in Redwood City, California.
Meanwhile, aside from disposing of properties, ABS-CBN is also working hard in collaborating with other networks and digital platforms to release its programs.
Currently, ABS-CBN has a standing block time agreement with A2Z Channel 11 and TV5, where their primetime and noontime shows are currently airing.
The Kapamilya network will also collaborate with the GMA Network through a primetime series that will star Jodi Sta. Maria, Joshua Garcia, and Richard Yap. It will air in 2023.