ABS-CBN, TV5 joint venture deal nears finalization

A joint venture between ABS-CBN and TV5 is nearing finalization, with business tycoon Manny Pangilinan stating that the agreement is highly likely and close to being signed.

The deal will involve ABS-CBN investing in TV5, resulting in a 35-65 ownership stake, where ABS-CBN will hold 35 percent and the remaining 65 percent will be held by TV5's owner, Media Quest.

Pangilinan clarified that this is not an acquisition of ABS-CBN, but rather an investment by ABS-CBN into TV5, utilizing TV5's platform as the free-to-air broadcast platform for both companies.

The ongoing talks between the two media companies have lasted for over a year, and they aim to sign the deal by August or September to comply with provisions in the Bayanihan 2 law.

Board approvals are expected within the next two to three weeks, with Pangilinan indicating no need for approval from the Philippine Competition Commission or the National Telecommunication Commission.