MANILA — ABS-CBN's return to profitability is possible in the near term, its president and CEO Carlo Katigbak said Thursday, as it remains committed to rewarding shareholders 2 years after the renewal of the company’s broadcast franchise in the Philippines was denied by lawmakers.
The plan to achieve profitability remains focused on content creation and distribution through partnerships with all possible platforms, Katigbak said during ABS-CBN's Annual Shareholders Meeting.
Given the trajectory of the company's latest financial results, "a return to profitability is possible in the near term,” he said.
Measures to improve the bottomline include cost management and the exploration of new revenue streams.
“We hope to continue with GMA as well as other partners here and abroad as part of our declared mission to reach audiences everywhere," Katigbak said.
“We continue to work with TV5 and other partners. As of today, our partnership has taken the form of content licensing and content sharing agreements," he added.
Katigbak also answered questions about a new congressional franchise.
“The filing of a franchise bill is initiated by a member of congress, not ABS," he said.
He said it was the understanding of management that a bill to grant ABS-CBN a new franchise was filed, but he noted that "at this time we have yet to decide whether a new franchise is aligned with our strategic plans.”
ABS-CBN distributes content through A2Z, GMA7 and TV5, and also has ongoing partnerships with streaming platforms Netflix and VIU.
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