ABS-CBN, MediaQuest mutually terminate investment deals

(SEPTEMBER 1, 2022) In a disclosure to the PSE, ABS-CBN Corp. and MediaQuest Holdings, Inc. have mutually agreed to terminate their investment deals — which would have seen ABS acquire 34.99% in TV5 and Cignal Cable getting 38.88% of Sky Cable.

Previously, the deals were put on hold as several lawmakers went to probe the said venture. To date, only the NTC raised concerns, saying that TV5 must seek approval from the commission.

The investment was one year in the making, according to MediaQuest CEO Jane Basas, and was supposed to close by the end of August.

Despite the investment deals falling through, ABS-CBN Entertainment shows — Primetime Bida teleseryes, It’s Showtime, ASAP, and Idol Philippines — will continue to be seen on TV5.

In a disclosure to the PSE, ABS-CBN Corp. and MediaQuest Holdings, Inc. have mutually agreed to terminate their investment deals — which would have seen ABS acquire 34.99% in TV5 and Cignal Cable getting 38.88% of Sky Cable.

(1/3) pic.twitter.com/4QGiuPytse

— Trendrod (@TrendrodPH) September 1, 2022