Rep questions ABS-CBN TV5 joint venture

SAGIP Party List Representative Rodante Marcoleta urged the Philippine Competition Commission (PCC) and the National Telecommunications Commission (NTC) to investigate the reported joint venture between ABS-CBN and TV5.

Marcoleta expressed concern that the joint venture might circumvent the law and potentially violate anti-trust regulations, believing the PCC should review the deal to prevent market monopolization and consolidation.

The ABS-CBN and TV5 deal involves ABS-CBN acquiring 34.99% of TV5's total voting and outstanding capital stock for P2.16 billion, with an additional P1.84 billion investment in a Convertible Note that could increase ABS-CBN's equity to 49.92% after 8 years.

Marcoleta argued that the combined market power of ABS-CBN and TV5 could lead to a monopoly in the media industry.

He warned that officials from the PCC, NTC, and the Bureau of Internal Revenue (BIR) would be summoned by the House of Representatives if they fail to address the issue concerning the ABS-CBN and TV5 deal.

Marcoleta, who was instrumental in the denial of ABS-CBN's franchise renewal, stated that the network clearly sinned, which led to their loss of franchise.