MANILA, June 4 (Bloomberg): Philippines’ free-to-air television network TV5 and ABS-CBN Corp are in an "evolving and dynamic” discussion over a partnership, tycoon Manuel Pangilinan said on Saturday.
"Nothing definitive or final has been reached at this time,” Pangilinan, chairman of TV5 Network In., said in a mobile-phone text message, in response to a Media Newser Philippines report which said the two media companies are in advanced talks for a 50-50 venture.
ABS-CBN has been airing some of its productions on TV5 after Philippine lawmakers in 2020 rejected a bid by ABS-CBN to secure a new 25-year franchise, leading to losses.
A company owned by billionaire Manuel Villar in January won two channels previously assigned to ABS-CBN.
Pangilinan said TV5 has been in various discussions with ABS-CBN, which have led to partnership programmes, co-production and talent sharing, adding these were "mutually productive.”
Representatives of ABS-CBN didn’t immediately respond to questions seeking comment.
Last year, ABS-CBN Chief Executive Officer Carlo Katigbak said the company had no plans to turn content collaboration with TV5 into a merger or acquisition. - Bloomberg
