ABS-CBN tells stock exchange: We will comply with SC notice

ABS-CBN News

Posted at Feb 14 2020 11:23 AM

MANILA -- ABS-CBN Corp told the stock exchange it would comply with the Supreme Court's directive to reply within 10 days to a challenge against its franchise to operate that was filed by the government's chief lawyer.

The disclosure was made public on the Philippine Stock Exchange website on Friday. ABS-CBN said it informed the exchange of the Supreme Court order on Thursday.

"We will comply with the Notice of the Supreme Court," ABS-CBN said.

Solicitor General Jose Calida filed a quo warranto case against ABS-CBN before the Supreme Court on Monday, citing alleged violations of the 25-year-old franchise that will expire in March.

Calida accused ABS-CBN of violating foreign ownership restrictions by issuing Philippine Depository Receipts. He also cited select pay content on KBO, which is available on the network's digital TV service.

Lopez-controlled ABS-CBN said it did not violate the law and that it was looking forward to answering allegations against it before franchise renewal hearings in Congress.

On Thursday, Sen. Grace Poe called for a hearing at the Senate on ABS-CBN's compliance with its franchise. The House franchise committee has yet to hear at least 11 bills seeking the renewal of the license.

On Thursday, ABS-CBN COO for Broadcast Cory Vidanes thanked the network's supporters, as she expressed hope that an "understanding" on the franchise would be reached.

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