Rep. Lagman fears probe into TV5, ABS-CBN deal could harm press freedom

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."

Lagman stated that the deal, which allows ABS-CBN to acquire 34.99% of TV5's capital stock for P2.61 billion and an additional P1.84 billion in Convertible Notes, should not be subject to scrutiny by the Philippine Competition Commission as its value is below the P50 billion threshold.

He clarified that the transaction is an investment agreement, not a merger, and that TV5 did not violate its franchise as ABS-CBN does not acquire control of TV5.

Lagman argued that the deal promotes fair competition in the broadcast industry, especially since ABS-CBN lost its franchise and is no longer a major player.

Following public criticisms during a House briefing, Lagman encouraged ABS-CBN and TV5 to be "brave and steadfast in closing their business agreement which is aboveboard and violates no law or regulation".

The two media companies have announced a "pause" in their closing preparations for the deal amid the ongoing inquiry and criticisms.