Manila Bulletin
PCC's initial take on ABS-CBN, TV5 deal: 'It does not seem to be notifiable'
The investment deal between ABS-CBN and TV5 does not require approval from the Philippine Competition Commission (PCC) because it is not notifiable.
PCC officer-in-charge Johannes Benjamin Bernabe stated during a joint House committee hearing that the transaction did not meet the P50-billion threshold set by the Bayanihan 2 law.
Under the Bayanihan 2 law, entities are not obligated to notify the PCC of deals that do not meet the specified threshold.
The Bayanihan 2 law raised the threshold for mergers and acquisitions to P50 billion until September 15.
Bernabe further clarified that PCC review is only required for mergers or acquisitions exceeding P50 billion, necessitating that either party possess assets or revenues above this amount.
Additionally, the value of acquired voting shares must be at least 35% for the transaction to be subject to PCC review.
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Albay Representative Edcel Lagman expressed concern that a joint House inquiry into the investment agreement between TV5 Network Inc. and ABS-CBN Corporation may result in the "derogation of press freedom and free speech."
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ABS-CBN and TV5 have agreed to pause the closing of their deal, which would allow ABS-CBN to acquire a minority interest in TV5, to address concerns from legislators and the National Telecommunications Commission (NTC).
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