After finally reaching an agreement, ABS-CBN Corporation and TV5 Network have decided to delay the closing of their investment deal due to political pressures.

“To address the issues which have been raised by certain legislators and the National Telecommunications Commission on the proposed investment by ABS-CBN for a minority interest in TV5, ABS-CBN and TV5 have agreed to a pause in their closing preparations,” the networs said in a statement.

According to them, “this pause will give the space for both media organizations to respond to the issues, and accommodate any relevant changes to the terms.”

Recently, ABS-CBN and TV5 executed an Investment Agreement allowing 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.

After that, the parties are set to execute a Convertible Note Agreement under which ABS-CBN will invest P1.84 billion in the Convertible Notes to be issued by TV5.

This Convertible Note will allow 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.

However, the House committees on legislative franchises, and trade and industry will probe ABS-CBN’s acquisition of more than a third of TV5.

In addition, lawmakers are questioning the foreign ownership of TV5 and the two networks’ block time agreement.