ABS-CBN board says it’s ‘confident’ in recovery plan despite franchise loss

The network continues to deal with financial problems—even as the Lopez family faces an internal rift.

The ABS-CBN’s board of directors and advisers assured the public that it’s “confident” in executing its recovery plan despite losing its broadcast franchise in 2020.

“[W]e believe in its qualities as a content-provider, allowing it to pivot its business model and return to profitability,” the board said in a statement on Friday, April 17. Signatories included directors Randolf David, Emmanuel de Dios, Rafael Lopez, Honorio Poblador, and Martin Lopez, as well as advisors Charo Santos-Concio, Federico Garcia, Salvador Tirona, Antonio Periquet, Cynthia Del Castillo, and Cesar Purisima.

“We back the leadership team headed by CEO Carlo Katigbak and are confident in its ability to execute its recovery plan,” they said.

“ABS-CBN is more than a media company,” the board added. “It is an institution that has served Philippine democracy and the Filipino people for generations — a mission that remains vital and very much alive. We are committed to its employees, its artists and journalists, and the public it continues to serve.”

ABS-CBN lost its franchise upon its expiration on May 4, 2020—during the last half of president Rodrigo Duterte’s term. The House of Representatives Committee on Legislative Franchises also opted not to renew the company’s application.

A resilience-driven pivot

The shutdown led to massive layoffs, putting thousands of ABS-CBN employees out of work. Businesses around the Kapamilya headquarters in Quezon City also suffered. The network has faced financial difficulties over the years, though it claimed showing “steady, consistent improvement” now.

Without a franchise, the media giant pivoted to online content—and held unprecedented collaborations with former rival networks, including GMA and TV5. It also partnered with streaming platforms like Netflix, Prime Video, and Viu.

The Friday statement came as a director of ABS-CBN Corporation reportedly proposed shutting the company down without addressing employee obligations. The network didn’t identify that director, though confirmed a shutdown proposal had been raised during internal discussions.

ABS-CBN also characterized the controversy as part of a dispute involving members of its owner, the Lopez family.

 

 

ABS-CBN is an institution that has served Philippine democracy and the Filipino people for generations — a mission that remains vital and very much alive. We are committed to its employees, its artists and journalists, and the public it continues to serve.

ABS-CBN Board of Directors

 

 

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