BIZ BUZZ: ABS-CBN shoots down takeover rumors

ABS-CBN Corp. has moved swiftly to douse fresh speculation over its future, flatly denying reports that its management could soon be turned over to the group of business tycoon Manuel V. Pangilinan.

In a statement issued on Monday, the listed media giant said there were no discussions with Pangilinan or fellow billionaire Ramon S. Ang on transferring the management of ABS-CBN to MediaQuest Holdings Inc. or TV5.

“Our relationship with Mr. Pangilinan and his affiliated companies are limited to our existing content partnership with TV5,” the company said.

ABS-CBN also disputed another claim in the same report—that more than P10 billion had been infused into the company since 2020. According to the company, Lopez Inc., its parent, has invested less than P1 billion in ABS-CBN to date.

The clarification comes as market observers continue to watch developments within the Lopez group following months of corporate intrigue involving Lopez Inc.

While takeover rumors have periodically surfaced, ABS-CBN’s latest statement leaves little room for speculation, at least for now, insisting that the reported management transition and funding figures are inaccurate.

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