TV5 serves ABS‑CBN termination notice for content supply deal
ABS‑CBN Corp. said it has received a notice of termination from TV5 Network, Inc. for their television content supply agreement.
In a statement on Thursday, ABS-CBN said it “deeply regrets that this action has been taken at this critical juncture in our recovery.”
“We have sought additional time to resolve this matter and are working urgently within the thirty-day period we have been given,” the network added.
It said the “amounts and manner of the claims remain disputed,” and denied any suggestion of deliberate payment delays. “There is no truth to any insinuation that ABS‑CBN willfully delayed payment,” the company said.
The network said that the financial constraints underlying the issue stem from its previous loss of broadcast franchise, which “significantly reduced” its revenues and caused continued losses.
At the same time, ABS‑CBN said its transformation into a storytelling company has shown “steady performance improvement.”
ABS‑CBN said it remains open to “fair and reasonable solutions” and will continue to find ways to reach audiences should the partnership officially end.
TV5 Network is part of MediaQuest Holdings, Inc., whose unit Hastings Holdings, Inc. — under the PLDT Beneficial Trust Fund — holds a majority stake in BusinessWorld through the Philippine Star Group.– Arjay L. Balinbin
You May Also Like
Ethereum unveils roadmap focusing on scaling, interoperability, and security at Japan Dev Conference
Uniswap Gains Momentum While Pi Network Waits: Is BlockDAG At $0.001 The Best Crypto To Buy Now?
