ABS-CBN scraps deal to buy into TV5

September 1, 2022 - 10:50 AM
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The headquarters of broadcast companies ABS-CBN and TV5 in Quezon City and Mandaluyong City, respectively. (The STAR/File)

ABS-CBN Corp ABS.PS has terminated a deal to acquire a minority stake in another domestic television network, TV5, the broadcaster said on Thursday.

ABS-CBN, which lost its congressional franchise to operate radio and television broadcast frequencies in 2020, gave no reason for the mutual scrapping of the deal to buy into TV5 Network. Late in August, ABS-CBN paused its plan to acquire 35% of TV5 to give time to respond to opposition by lawmakers.

—Reporting by Neil Jerome Morales; Editing by Martin Petty