Philippines’ ABS-CBN to Buy 35% Stake in TV5 Network (1)

Philippine media company ABS-CBN Corp. has agreed to acquire 35% of free-to-air television company TV5 Network Inc., while selling stakes in its cable television service partly to fund the deal.

ABS-CBN will buy shares in TV5 for 2.16 billion pesos ($38.9 million), the companies said in a statement released Thursday. The stake of media conglomerate MediaQuest Holdings Inc., owned by PLDT Inc.’s trust fund, in TV5 will be reduced to 64.8%.

In 2020, ABS-CBN was ordered by government to shut its free TV and radio stations after its franchise expired. It since has been airing some of its ...