MANILA -- Tycoon Manuel Pangilinan said Wednesday a blocktime agreement with ABS-CBN at his group's TV5 was "not on our minds."

Pangilinan was responding to a question on a possible agreement with ABS-CBN a day after the National Telecommunications Commission shuttered the country's largest media and entertainment company.

"There has never been any discussion in that regard. It's something that's not on our minds," Pangilinan said, when sought for comment on earlier report that quoted him as saying that TV5 was open to renting out airtime to ABS-CBN.

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Pangilinan earlier this week accepted President Rodrigo Duterte's apology over "hurting words" uttered on Maynilad Water Services Inc, the water utility arm of the tycoon's Metro Pacific Investments Corp.

Since he took office, Duterte had repeatedly criticized ABS-CBN over alleged unfair coverage and the airing of an opponent's campaign ad during the 2016 vote. The network denied wrongdoing and apologized to Duterte for the ad, which he accepted.

The NTC issued a cease-and-desist order against ABS-CBN on Tuesday, a day after its franchise expired. The regulator shut down the broadcast despite calls from lawmakers to grant provisional authority to ABS-CBN while franchise hearings are ongoing.

Press freedom advocates and lawmakers slammed the move, which came as the nation reeled from the COVID-19 pandemic and resulting lockdown.

ABS-CBN continued news operations during the lockdown and raised P300 million for its Pantawid ng Pag-ibig relief drive.