Rappler
GMA shares jump 10% as ABS-CBN denied of franchise
The Philippine Stock Exchange (PSE) suspended trading of ABSCBN Corporation shares after its franchise renewal was denied by a Congressional committee.
GMA Network's shares jumped over 10% on Monday, July 13, even soaring by over 40% intraday to a new 52-week high of P8.50.
Investors anticipate that GMA Network's share of advertising spending will increase significantly with ABSCBN, a major competitor, no longer on air.
The PSE required ABSCBN to disclose the full impact of the franchise non-renewal on its business, finances, operations, prospects, and future business plans.
The suspension of ABSCBN shares will be lifted one trading day after the dissemination of the full disclosure.
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