MANILA - A joint venture between ABS-CBN and TV5 could be signed soon, business tycoon Manny Pangilinan said Thursday during a PLDT financial briefing.
"It's fair to characterize that we're at the closing stages. I think the likelihood of an agreement with them is high and it's near," Pangilinan said.
But he also clarified the nature of the deal where ABS-CBN would invest in TV5. Initially, it will be a 35-65 agreement, with ABS-CBN holding 35 percent stake and the rest under TV5 owner Media Quest, Pangilinan said.
"The model we are working on is it will be a joint venture between TV5, using the platform of TV5 as the free-to-air broadcast platform of both TV5 and PLDT Group and the ABS-CBN group," he added.
"We are not acquiring ABS-CBN. We are not acquiring any shares in ABS, instead they will be investing in TV5," he added.
Talks between the two media companies have been ongoing for over a year now. They are now looking to sign the deal by August or September as there is a need to follow some provisions of the Bayanihan 2 law.
"We do have to get board approval as soon as we can. Sometime August definitely, maybe in the next 2 week, 3 weeks," said Pangilinan.
Pangilinan also mentioned that there is no need for approval from the Philippine Competition Commission and the National Telecommunication Commission.
No other details were disclosed.