The deal was signed late Wednesday and the result, perhaps, is expected to be a powerhouse partnership of two media tycoons, which could be stronger than the local networks we have today.
NTC Commissioner Gamaliel Cordoba was referencing those found by a House of Representatives panel in the 18th Congress which became the reasons for denying ABS-CBN’s application for a fresh franchise even if several government agencies had cleared the broadcast giant of any wrongdoing.
In an early Thursday morning disclosure, ABS-CBN Corp. said that the landmark deal will allow them to acquire 6.46 million in primary common shares, equivalent to 34.99% of capital and voting stock of TV5 for P2.16 billion.