LOCAL media conglomerate MediaQuest Holdings, Inc. (MediaQuest), which operates TV5 Network, Inc., a major player in the television market, will soon establish a joint venture with ABS-CBN Corp.
“The model we are working on…(is) a joint venture…using TV5’s platform as the broadcast platform for TV5 and ABS-CBN,” MediaQuest President Manuel V. Pangilinan said Thursday.
“We are not acquiring ABS-CBN, we are not acquiring any shares in ABS-CBN,” he noted.
In terms of equity, he said it would start at around 35% for ABS-CBN and 65% for MediaQuest.
ABS-CBN, a former broadcast giant, will use some of its assets for the partnership.
ABS-CBN was forced to shut down its broadcast operations in May 2020 after former President Rodrigo R. Duterte’s congressional allies rejected his request for a franchise renewal.
ABS-CBN President and CEO Carlo L. Katigbak said at the company’s annual meeting of shareholders last week that the company has yet to decide whether a new franchise will line up. on its strategies and plans.
“To date, our partnership with them takes the form of content licensing or content sharing agreements,” Mr. Katigbak said of ABS-CBN’s partnership with TV5.
Hastings Holdings, Inc., a unit of MediaQuest Holdings, Inc., a subsidiary of PLDT Beneficial Trust Fund, owns a controlling interest in Business world through the Philippine Star Group, which he controls. — Arjay L. Balinbin