It's a go for PLDT Inc. and Sky Cable Corporation!
This comes after the anti-competition body Philippine Competition Commission (PCC) gave their approval for the 100% buyout of PLDT Inc., the company owned by business tycoon Manny V. Pangilinan on Sky Cable, the cable company owned by ABS-CBN Corporation of the Lopez family.
The said transaction is worth ₱6.75-billion.
“ABS-CBN will disclose material information to update the disclosure made to the exchange on March 16, 2023 once they become available,” according to the statement of the Lopez-led media giant.
Because of this, PLDT is set to integrate the fiber broadband subscribers of Sky Cable with the cable business being absorbed by Cignal, the cable company also owned by Pangilinan.
On the other hand, the money that will be paid to ABS-CBN will be used to strengthen the Kapamilya Network's hold on content creation.