ABS-CBN Corporation and TV5 Network were previously working on closing an investment deal that would allow ABS-CBN to acquire 6.46 million new common shares of TV5, representing 34.99 percent of its total voting and outstanding capital stock, for Php 2.16 billion. Cignal Cable Corporation, in a separate transaction, would also acquire 38.88% equity interest in Sky Cable Corporation. After these transactions were delayed late in August, they have officially been terminated.

This information was formally announced through PSE Disclosure Form 4-31. With the deal involving convertible notes, these Convertible Notes would have “allowed ABS-CBN to acquire additional primary common shares of TV5 after 8 years from its issuance, thereby increasing its equity in TV5 to no more than 49.92 percent of the outstanding capital stock of TV5.”

The included statements have mentioned that the termination of the deals between ABS-CBN Corporation and TV5 Network were finalized through a Memorandum of Agreement (MOA). They have also confirmed that transactions involving neither the Sale and Purchase Agreement nor the Debt Instruments Agreement had been completed. Considering that the statement was made by the PSE, they’ve also announced that the trading of $ABS shares have been halted for now.

The pause was attributed to issues with several legislators and the NTC. This was added to but a separate problem from the foreign ownership of TV5.

Despite the non-inclusion of circumstances, the same result applies for the deal between Cignal Cable Corporation and Sky Cable Corporation.