Businessman Manuel V. Pangilinan (MVP) revealed on Thursday that the joint venture between ABS-CBN and TV5 is near completion.
Speaking at sidelines of the PLDT financial briefing, he said, “We have been having discussions with them for over a year. But it is fair to characterize it as we’re in the closing stages.”
He added, “I think the likelihood of an agreement with them is high. It’s near.”
MVP made clear: "We are not acquiring ABS-CBN. We are not acquiring any shares in ABS, instead they will be investing in TV5.”
"The model we are working on is, it will be a joint venture between TV5, using the platform of TV5 as the free-to-air broadcast platform of both TV5 and PLDT Group and the ABS-CBN group,” he explained.
MVP related they are now inthe process of securing board approval which he believes will be decided “Sometime August definitely, maybe in the next 2 week, 3 weeks.”
ABS-CBN has been operating sans TV franchise for two years now.
It has a block time leasing deal with TV5.
It has also established a partnership with Zoe Broadcasting Network Inc.