BIZ BUZZ: ABS-CBN keeps cameras rolling

ABS-CBN Corp. wants investors to know one thing: The show goes on.

The media giant has confirmed receiving summonses from the Securities and Exchange Commission’s (SEC) ad hoc committee investigating matters involving the Lopez Group, but it is also making clear that the latest legal challenge will not distract management from running the business.

The summons stems from a complaint filed on May 6 by director Federico “Piki” Lopez, who accused the company and several executives of violating provisions of the Revised Corporation Code and Securities Regulation Code. The complaint is part of the broader feud that has divided branches of the Lopez family and spilled over into several listed companies.

In its latest disclosure, ABS-CBN said it and the officers named in the complaint were reviewing the allegations with legal counsel and will respond within the period prescribed by regulators. The company added that it intends to address all issues through the proper legal and regulatory channels.

“ABS-CBN affirms that the company’s board of directors and its committees have consistently exercised proper oversight of executive compensation, capital expenditures and financial reporting in accordance with applicable laws and governance standards,” the company said.

It also stressed that it has complied with its disclosure obligations to both the SEC and the Philippine Stock Exchange.

For viewers, advertisers and content partners, however, ABS-CBN delivered a simple message: operations remain normal.