Sky Cable, PLDT deal not pushing through | ABS-CBN
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Sky Cable, PLDT deal not pushing through
Sky Cable, PLDT deal not pushing through
ABS-CBN News
Published Feb 22, 2024 08:16 AM PHT
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Updated Feb 22, 2024 07:51 PM PHT
MANILA -- ABS-CBN Corp said on Thursday the sale of its interest in Sky Cable Corp to PLDT Inc would no longer push through.
MANILA -- ABS-CBN Corp said on Thursday the sale of its interest in Sky Cable Corp to PLDT Inc would no longer push through.
In a disclosure to the stock exchange, ABS-CBN Corp said the move has been mutually decided by both parties.
In a disclosure to the stock exchange, ABS-CBN Corp said the move has been mutually decided by both parties.
"ABS-CBN Corporation and PLDT have mutually decided not to proceed with the sale of Sky Cable to PLDT under the Sale and Purchase Agreement signed by and among the parties in March 2023," the company said.
"ABS-CBN Corporation and PLDT have mutually decided not to proceed with the sale of Sky Cable to PLDT under the Sale and Purchase Agreement signed by and among the parties in March 2023," the company said.
Sky Cable has told its subscribers its cable TV service will continue, and that they can maintain their subscriptions.
Sky Cable has told its subscribers its cable TV service will continue, and that they can maintain their subscriptions.
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Meanwhile, Sky’s internet broadband service SKYFiber remains unaffected.
Meanwhile, Sky’s internet broadband service SKYFiber remains unaffected.
Sky Cable had earlier told its customers that it will transition into a dedicated internet service provider pursuant to the closing conditions of the PLDT-Sky Cable acquisition deal.
Sky Cable had earlier told its customers that it will transition into a dedicated internet service provider pursuant to the closing conditions of the PLDT-Sky Cable acquisition deal.
The Philippine Competition Commission had allowed the sale of Sky Cable’s broadband business and related assets to PLDT Inc. The transaction involved the sale of 100 percent of Sky’s total issued and outstanding capital stock.
The Philippine Competition Commission had allowed the sale of Sky Cable’s broadband business and related assets to PLDT Inc. The transaction involved the sale of 100 percent of Sky’s total issued and outstanding capital stock.
PLDT is owned by businessman Manny Pangilinan.
PLDT is owned by businessman Manny Pangilinan.
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