ABS-CBN absorbs 5 subsidiaries

ABS-CBN News

Posted at Mar 06 2015 10:38 AM | Updated as of Mar 06 2015 06:40 PM

MANILA, Philippines - Multimedia giant ABS-CBN Corp. on Friday said it was absorbing several wholly owned subsidiaries.

The company's board of directors on Thursday approved the merger of ABS-CBN Interactive, Inc., ABS-CBN Multimedia, Inc., Sarimanok News Network, Inc., Sapientis Holdings Corporation and Studio 23, Inc., with ABS-CBN as the surviving corporation.

"The purpose of the merger of the wholly owned subsidiaries is to clean-up the corporate structure of ABS-CBN Corporation," the company told the Philippine Stock Exchange.

ABS-CBN also declared a cash dividend to common stockholders equivalent to P0.60 per common share for stockholders of record as of March 20, 2015, payable on or before April 20, 2015.

On Thursday, ABS-CBN also announced the appointment of Carlo Katigbak as its new chief operating officer.

Katigbak previously served as the head of ABS-CBN Access in overseeing strategy formulation of SKY Cable Corporation, ABS-CBNmobile, and ABS-CBN TVplus.

Katigbak, a member of the ABS-CBN Board of Advisors, is currently the president of SKY Cable and managing director of Bayan Holdings Corp.

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