ABS-CBN ‘exploring various partnership opportunities’
ABS-CBN Corp. said that it was open to looking into various opportunities as it navigates the industry sans a free television franchise after a report was published over the weekend that it would enter into a 50-50 venture with TV5 Network Inc.
“We continue to explore various partnership opportunities as they become available to us,” the Lopez-led media company said in a disclosure on Monday.
In a recent Bloomberg News report, TV5 chair Manuel Pangilinan was quoted saying that his network has an “evolving and dynamic” dialogue for a partnership with ABS-CBN, but “nothing definitive or final has been reached at this time.”
“Over the recent past, we have announced various local and international partnerships, including our content agreement with TV5,” ABS-CBN said.
The Lopez-led media group announced its blocktime leasing deal with TV5 in January last year, allowing its popular shows to be aired via the Pangilinan-led platform.
It also secured a partnership with Zoe Broadcasting Network Inc. back in 2020 to air the media firm’s programs via Channel 11 A2Z.
“Our goal as storytellers and content creators is to bring Filipino stories to audiences here and all over the world. This is the reason we are exploring content distribution opportunities that allow us to reach wider audiences and pursue our mission of service,” ABS-CBN added.
ABS-CBN has turned to digital platforms as well after President Duterte and his allies in Congress blocked the company’s bid to renew its franchise two years ago. It launched the online streaming channel “Kapamilya Online Live” in August 2020.
Last month, ABS-CBN, along with Kroma Entertainment and Globe Telecom’s 917Ventures, also introduced the country’s first real-time and multiscreen interactive channel Pinoy Interactive Entertainment—a move that can help further the digital content creation of all the companies involved.
In the first quarter, ABS-CBN reported that its net loss attributable to the parent firm declined to P1.38 billion as of end-March from P1.95 billion in the same period last year. This was supported by consolidated revenues, including advertising earnings and consumer sales, climbing by 18.6 percent to P4.65 billion from P3.92 billion year-on-year in the first quarter.
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