ABS-CBN Corporation has officially sold a significant portion of its Quezon City property, including its iconic broadcasting tower, to Ayala Land Inc. for ₱6.24 billion.
The deal, finalized on February 27, 2025, covers 30,000 square meters of the 44,027.3-square-meter property, which houses several of the network’s production facilities and historical structures.
The sale includes key ABS-CBN assets such as the Dolphy Theater, the ‘It’s Showtime’ studio, and the Millennium Transmitter, a 720-foot mast that has stood as a landmark since 1969. The transaction is part of ABS-CBN’s strategic efforts to streamline its operations and settle financial obligations following the non-renewal of its broadcast franchise in 2020.
Despite the sale, ABS-CBN will retain ownership of 1.4 hectares of the property, including the Eugenio Lopez Jr. (ELJ) Communications Center, which will continue to serve as its primary base of operations.
In a statement, ABS-CBN emphasized that the proceeds from the sale will be used for the partial prepayment of its existing bank loans, ensuring financial stability for the media giant as it continues its shift toward digital platforms and content creation.
The sale marks the end of an era for ABS-CBN’s headquarters, which has been a cornerstone of Philippine broadcasting for over six decades. Established in July 1953, the property has been the home of some of the country’s most influential radio and television programs.
Following the shutdown of its free-to-air operations in May 2020 due to the denial of its franchise renewal by Congress, ABS-CBN has aggressively adapted to new business models, including digital streaming, partnerships with other networks, and content syndication.
Ayala Land has yet to disclose specific redevelopment plans for the acquired property, but industry observers anticipate that the real estate giant will integrate commercial and residential developments into the site. The company has a history of transforming prime urban locations into thriving mixed-use districts.
The decision to sell the property, particularly the tower, has sparked emotional reactions from ABS-CBN employees, artists, and loyal viewers, who consider the structure a symbol of press freedom and media excellence in the Philippines. Some netizens also questioned whether the lawmakers who voted against the network’s franchise renewal in 2020 feel any sense of accountability for the network’s struggles.
Despite the challenges, ABS-CBN remains a dominant force in Philippine entertainment. The network continues to produce hit shows, movies, and digital content that attract millions of viewers. It also remains committed to public service through its ABS-CBN Foundation, which provides disaster relief and community outreach programs.
