Image courtesy of Instagram: jaya
Friday, August 12, 2022
ABS-CBN and TV5 Deal is Now Official
A Historic Agreement: Mediaquest and ABS-CBN officially announce their partnership to strengthen its free to air network. Present are (L-R) Smart & PLDT President & CEO Alfredo S. Panlilio, Mediaquest Holdings President & CEO Jane J. Basas, Mediaquest Holdings Chairman Manuel V. Pangilinan, ABS-CBN Chairman Mark L. Lopez, ABS-CBN President & CEO Carlo L. Katigbak, and ABS-CBN Chief Partnership Officer Bobby V. Barreiro
TRANSACTION SUPPORTS THE NATIONAL POLICY GROWTH AND EXPANSION OF PRIVATE SECTOR ROLE IN PROVIDING EFFICIENT AND RELIABLE PUBLIC SERVICE
ABS-CBN Corporation ("ABS-CBN") and TV5 Network, Inc. (“TV5”), today announced the execution of an Investment Agreement that will allow ABS-CBN to acquire 6,459,393 primary (new) common shares in TV5 representing 34.99% of the total voting and outstanding capital stock of TV5 for an aggregate subscription price of Php2.16Bn.
After the consummation of this subscription, the MediaQuest group’s equity in TV5 will be reduced to 64.79% of the voting and outstanding capital stock and the MediaQuest group will remain to be the controlling shareholder of TV5.
Simultaneously with the execution of the Investment Agreement, the parties will execute a Convertible Note Agreement pursuant to which ABS CBN to invest in a Convertible Note with a face value of Php1.84Bn to be issued by TV5 (the “Convertible Note”). The Convertible Note will allow ABS-CBN, subject to obtaining applicable regulatory approvals, to acquire additional primary common shares of TV5 after 8 years from the issuance of the Convertible Note, and thereby increase its equity in TV5 to no more than 49.92% of the outstanding capital stock of TV5.
The proceeds of the subscription in the primary common shares and the Convertible Note in the total amount of Php4Bn will fund the capital expenditures and operating expenses of TV5 in pursuing the enhancements of its content and programming and public service offerings.
This transaction is clearly transformational for both companies and is envisaged to significantly enhance significantly TV5’s capability to deliver content and coverage to the Filipino public in the areas of entertainment, news, sports and public services. This is also consistent with the national policy of expanding the private sector’s role of supporting efficient and reliable public services, which TV5 is expected to provide through its nationwide network to provide increased nationwide coverage, especially in remote areas.
The transaction is expected to be completed within August 2022, and closing is subject to fulfillment of certain closing conditions.
Manuel V. Pangilinan, Chairman of Mediaquest Holdings said, “We welcome the entry and investment of ABS-CBN in TV5, as ABS-CBN has always been the leading developer and provider of Filipino-related entertainment content not only in the Philippines but overseas as well. Our companies have always had these cherished values of providing top and quality programs in the service of the Filipino people and together we believe we can achieve this in greater measure and success”.
Mark Lopez, Chairman ABS CBN said “We are excited with this partnership as we see the opportunity to help TV5 grow and strengthen its free to air network. For ABS, it presents a fantastic platform for us to achieve synergies in production content and talent management as well as maximizing our content delivery. We look forward to be of greater service to the public as we come together in taking TV5 to the next level.”
Carlo Katigbak, President and CEO of ABS-CBN added, “This partnership is consistent with the strategic intention of ABS-CBN to evolve into a storytelling company whose goal is to reach as wide an audience as possible. In partnership with TV5, we look forward to reaching viewers both on owned platforms and through other broadcast partners, thereby enriching the Philippine creative industry. We hope the industry evolves from being highly competitive to increasingly collaborative, which benefits all stakeholders in the long run.”
The landmark deal comes after activities between the two groups have increased with more Kapamilya programs onboarded on TV5’s Kapatid Network.
AlphaPrimus Advisors and Picazo Buyco Tan Fider & Santos advised the MediaQuest group on this transaction while the law firms of Romulo Mabanta and Quiason Makalintal advised ABS-CBN.
Once Asia's Fastest Woman, Lydia De Vega Dies of Cancer
Image courtesy of Facebook: Steph Mercado de Koenigswarter
Julie Anne San Jose and Gary Valenciano Take Their Collaboration To New Heights In New Song 'Di Ka Akin'
The Asia's Limitless Star and Mr. Pure Energy are joining forces for a collaboration.
That’s right, Julie Anne San Jose and Gary Valenciano have a new melodic single called “Di Ka Akin” released under Universal Records. (WATCH OFFICIAL LYRIC VIDEO HERE)
Celebrated as two of UR’s most sought-after artists for many years, this collaboration surely is a treat to their long-time fans. The track features a hypnotic mellow vibe, giving listeners an opportunity to really just let out their emotions during the times that they feel like they can’t move on from a lost love.
“Di Ka Akin” also marks as the first release after Universal Records Philippines announced its official partnership with Singapore-based music label Cross Ratio Entertainment. The partnership aims to strengthen and promote Southeast Asian music around the globe and bridge the gap between artists and audiences in neighboring countries, bringing them closer to new and existing fans in the SEA region.
The gorgeous pop ballad with Julie Anne’s writing and vocals on full display easily impressed Gary V., a reason why he said Yes to this collaboration in a heartbeat. For the OPM icon, an excellent artist like JAPS does not come very often and you really don’t want to miss an opportunity like this. And if you ask Julie Anne who wrote this song last year, she still finds the whole experience about this collaboration a dream come true.
“Di Ka Akin” is part of the New Music Friday Philippines playlist on Spotify this week.
Thursday, August 11, 2022
Insta Scoop: Tim Connor Makes His Stand on Adultery Case Filed Against Him
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Latest Couple? Did Ria Atayde Fly to New York to Join Zanjoe Marudo and His Family?
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Insta Scoop: Netizens Speculate Jessy Mendiola and Luis Manzano are Expecting a Baby, Announcement Soon
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FB Scoop: Vivian Velez Compares Heart Evangelista and Maris Racal's Outfits
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Insta Scoop: Lead Stars of 'Lisa Frankenstein,' Cole Sprouse and Kathryn Newton Start Following Liza Soberano
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Insta Scoop: Dennis Padilla Says He Misses Daughter Claudia Barretto
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Rayver Cruz Admits Courting Julie Anne San Jose, Letting Her Parents Know His Intentions
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'We're Happy as Individuals,' Did Janella Salvador Indirectly Admit Relationship with Markus Paterson is Over?
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TikTok Scoop: Smokey Manaloto Becomes a First-time Father
@smokeymanaloto First post!!! Welcome to my tiktok account! Enjoy!!! #thebigevent #firsttimedaddy #firstbaby #fyp #foryoupage #firstpost #smokeymanaloto ♬ What I Never Knew I Always Wanted - Carrie Underwood
Images and Video courtesy of TikTok: smokeymanaloto
Insta Scoop: Nathalie Hart Engaged to Brad Robert
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Ashton Kutcher Reveals Recovering from Rare Vasculitis Causing Hearing, Vision, Balance Issues
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Insta Scoop: Rita Gaviola (Badjao Girl) Gets Bashed for Initially Denying She's Pregnant, Requests Child to be Spared
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Insta Scoop: Former Lovers Diego Loyzaga and Frankie Russell Star in 'Pabuya'
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