Push Admin

ABS-CBN-TV5, Cignal-Sky terminate investment deal

Article (news)

ABS-CBN News

<p>MANILA - ABS-CBN Corp and TV5 Network Inc on Thursday announced the termination of their proposed investment deal where the Lopez-led firm was supposed to acquire 34.99 percent in TV5.</p><p>&quot;In a separate disclosure, TV5 Network, Inc. (“TV5”) and ABS-CBN Corporation (&quot;ABS-CBN&quot;) also announced that they have mutually agreed to terminate the Investment Agreement dated 10 August 2022 covering the proposed acquisition by ABS-CBN of 34.99 percent equity interest in TV5,&quot; ABS-CBN told the stock exchange.</p><p>Also terminated was the Convertible Note Agreement covering the proposed subscription by ABS-CBN to a Convertible Note to be issued by TV5, ABS-CBN said.</p><p>&quot;The termination was also formalized through a Memorandum of Agreement. The Parties confirmed that they have not implemented any of the transactions covered by the Investment Agreement and the Convertible Note Agreement,&quot; the statement said, which was also disclosed to the Securities and Exchange Commission.</p><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="ABS-CBN-TV5, Cignal-Sky terminate investment deal" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/business/09/01/20220901-abscbn-tv5-statement.jpg"/></figure></div><ul class="op-related-articles">	<li><a href="https://www.abs-cbn.com/newsroom/news-releases/2022/8/11/abscbn-tv5-landmark-deal?lang=en">ABS-CBN and TV5 announce landmark deal</a></li></ul><p>In a separate disclosure, Sky Vision Corp, Lopez Inc and Cignal Cable Corp said they have also &quot;mutually agreed&quot; to terminate the Sale and Purchase Agreement covering the proposed acquisition by Cignal Cable of 38.88 percent equity interest in Sky Cable Corp.</p><p>The Debt Instruments Agreement covering the proposed subscription by Cignal Cable to an Exchangeable Debt Instrument to be issued by Sky Vision and the proposed acquisition by Cignal Cable of a Convertible Note issued by Sky Cable was also terminated. </p><p>The deal was earlier <a href="https://news.abs-cbn.com/business/08/24/22/abs-cbn-tv5-put-investment-deal-on-hold" target="_blank">paused</a> to enable concerned firms to address issues raised by several lawmakers. </p><p>A probe was launched by the House of Representatives to determine whether there are laws violated by the deal.</p><p>During the House inquiry, the Securities and Exchange Commission said the deal <a href="https://news.abs-cbn.com/business/08/24/22/sec-says-no-merger-in-abs-cbn-tv5-deal" target="_blank">does not qualify</a> as a merger. </p><p>But the National Telecommunications said both ABS-CBN and TV5 must secure clearances from concerned government agencies before they can proceed with the deal.</p><p>Meanwhile, Albay Rep. Edcel Lagman said the House investigation of the investment deal could result in &quot;derogation of press freedom and free speech.&quot;</p><p>ABS-CBN Holdings Corp and ABS-CBN Corp have requested for a one-hour voluntary trading halt after the termination of the investment deal was announced.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/24/22/lagman-expresses-concern-over-inquiry-into-abs-cbn-tv5-deal">Lagman expresses concern over House inquiry into ABS-CBN-TV5 deal</a></li>	<li><a href="https://news.abs-cbn.com/news/08/24/22/update-on-abs-cbns-investment-agreement-with-tv5">Statement: Update on ABS-CBN&#x27;s investment agreement with TV5</a></li>	<li><a href="https://news.abs-cbn.com/business/08/24/22/ntc-abs-cbn-tv5-deal-needs-govt-clearances">NTC: ABS-CBN, TV5 need gov&#x27;t clearances before approval of investment deal</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2191740" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><div class="iwantbar"> </div>

ABS-CBN Corp and TV5 Network Inc on Thursday announced the termination of their proposed investment deal where the Lopez-led firm was supposed to acquire 34.99 percent in TV5.