ABS-CBN debunks Pangilinan takeover claim

MANILA, Philippines — ABS-CBN Corp. has denied reports it could hand management to the group of Manuel V. Pangilinan, saying no talks are underway.

In a statement issued on Monday, the broadcast company said reports suggesting it would turn over management to MediaQuest Holdings Inc. or TV5 Network Inc., both linked to Manuel V. Pangilinan, were “not accurate.”

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The statement was issued in response to a report that also claimed more than P10 billion had been invested in the company since 2020.

“There are no discussions with Mr. Ramon S. Ang or Mr. Pangilinan on turning over the management of ABS-CBN to MediaQuest or TV5,” the company said.

ABS-CBN added that its relationship with Pangilinan and his affiliated companies remains limited to its existing content partnership with TV5.

ABS-CBN likewise disputed that claim, saying the amount was incorrect. “Lopez Inc. has invested less than P1 billion in ABS-CBN to date,” the company said.

ABS-CBN has maintained a content partnership with TV5 in recent years following the loss of its congressional franchise in 2020, allowing the two media companies to collaborate on selected television programs while remaining separate entities. /pai/ INQ