ABS-CBN addresses news report involving Ramon Ang as investor, MVP to run the network
- ABS-CBN issued a statement denying reports that its management would be turned over to Manuel V. Pangilinan’s group
- The company also refuted claims that businessman Ramon S. Ang had invested in the network or that more than ₱10 billion had been infused into the company since 2020
- ABS-CBN clarified that its relationship with Manuel V. Pangilinan and his affiliated companies is limited to its existing content partnership with TV5
- The media company emphasized that Lopez Inc. has invested less than ₱1 billion in ABS-CBN since 2020, contrary to the published report
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ABS-CBN has issued an official statement denying claims made in a news report that suggested businessman Ramon S. Ang had invested in the company and that media executive Manuel V. Pangilinan’s group would eventually take over the management of the network.
Source: Facebook
In its statement, the media company categorically rejected the report, saying several of its claims were inaccurate.
According to ABS-CBN, one of the report’s assertions was that the company’s management could be handed over to the group of Manuel V. Pangilinan.
The company clarified that no such discussions are taking place.
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“A news report published today makes several claims about ABS-CBN, including that the Company’s management could be handed over to Mr. Manuel V. Pangilinan’s group.
This is not accurate.”
ABS-CBN further emphasized that there are currently no negotiations involving either Ramon S. Ang or Manuel V. Pangilinan regarding the transfer of the company’s management.
“There are no discussions with Mr. Ramon S. Ang or Mr. Pangilinan on turning over the management of ABS-CBN to MediaQuest or TV5.”
The network also explained the nature of its existing relationship with Pangilinan and his affiliated companies.
“Our relationship with Mr. Pangilinan and his affiliated companies is limited to our existing content partnership with TV5.”
Aside from addressing reports about the company’s management, ABS-CBN also disputed claims regarding the amount of financial support it has allegedly received over the past several years.
The report had claimed that more than ₱10 billion had been infused into the company since 2020.
ABS-CBN said this information is likewise incorrect.
“The report also states that more than ₱10 billion has been infused into the Company since 2020. This is not correct.”
The company then clarified the actual amount invested by its parent company.
“Lopez Inc. has invested less than ₱1 billion in ABS-CBN to date.”
The statement was issued to address public speculation and clarify information circulating following the publication of the report.
Since the expiration of its legislative franchise in 2020, ABS-CBN has continued operating through various platforms, including digital services, content production, cable channels, and strategic partnerships with other media companies.
The network has repeatedly emphasized its commitment to producing content for Filipino audiences while adapting to the changing media landscape.
The clarification quickly attracted attention online, with many netizens sharing the statement as discussions continued regarding the company’s long-term plans.
The statement comes as ABS-CBN continues adapting to the post-franchise media landscape while sustaining operations across multiple platforms and reaffirming its commitment to serving its employees, audiences, and stakeholders. One of the country’s leading media organizations, ABS-CBN saw its 25-year legislative franchise expire on May 4, 2020. Later that year, on July 10, the House of Representatives’ Committee on Legislative Franchises voted to reject the company’s application for a new franchise, prompting the network to further shift its business toward content creation and distribution.
Earlier, ABS-CBN marked the sixth anniversary of its broadcast shutdown on May 5, 2020, by expressing heartfelt gratitude to viewers who have continued supporting the company through the years. Since losing its franchise, the network has repositioned itself as a global storytelling company, with its leadership consistently emphasizing its mission to remain “in the service of the Filipino” despite the changes in its operations.
Previously, as reported by KAMI, the ABS-CBN Board of Directors and Advisors released a statement on April 17 expressing confidence in the company’s long-term prospects despite the loss of its broadcast franchise. The board said ABS-CBN remains positioned for recovery through its transition into a content-driven business model and reiterated its full support for CEO Carlo Katigbak and the management team as they continue implementing the company’s long-term strategy. They also underscored ABS-CBN’s enduring role as a long-standing institution serving Filipino audiences, employees, and media professionals.
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Source: KAMI.com.gh
