Network says ₱3.5B funding, management shift claims are false.
ABS-CBN has denied claims about a supposed financial rescue and management transition involving business tycoons Ramon S. Ang and Manuel V. Pangilinan.
In a statement released Monday, Aug. 3, the network said reports that it would receive a ₱3.5-billion investment from a group led by Ang, and that Pangilinan’s group would take over operations, are inaccurate.
The company clarified that there are no discussions with either Ang or Pangilinan regarding any turnover of management to MediaQuest or TV5.
“Our relationship with Mr. Pangilinan and his affiliated companies is limited to our existing content partnership with TV5,” the statement read.
ABS-CBN also disputed claims that more than ₱10 billion had been infused into the company since 2020.
“This is not correct. Lopez Inc. has invested less than ₱1 billion in ABS-CBN to date,” the network said.
The company reiterated that there are no ongoing talks involving a multi-billion peso rescue package or any management transition.
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