MANILA - Cignal TV and Radius Telecoms, a subsidiary of Manila Electric Company, announced on Tuesday that they are forming a new pay TV and home internet service called RED Broadband.

Radius Telecoms is a wholly-owned subsidiary of Meralco, which is part of Manny Pangilinan-led Metro Pacific Investments Corp.

Cignal is a wholly-owned subsidiary of MediaQuest Holdings under the PLDT Beneficial Trust Fund, which is also part of the Pangilinan conglomerate.

Radius and Cignal said RED Broadband is offering to consumers unlimited fiber internet and pay TV starting at P1299 per month.

The new service competes directly with Sky which also provides pay TV and home broadband services.

Earlier this month, Pangilinan said he had dropped his unsolicited bid to acquire Sky amid worries that antitrust regulators may review the deal.

Sky and ABS-CBN are both part of the Lopez Group of Companies.

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