MANILA — (UPDATED) It’s a done deal.

A week after announcing the historic move of “It’s Showtime” to GTV, ABS-CBN Corp. on Wednesday inked its agreement with GMA Network to formalize the transfer of the noontime program.

Top executives of both media giants were present in yet another Philippine TV milestone at the contract signing held at the Seda Hotel Vertis North in Quezon City.

Representing ABS-CBN were chairman Mark Lopez, president and CEO Carlo Katigbak, and chief operating officer for Broadcast Cory Vidanes, while GMA was represented by chairman and CEO Felipe Gozon, president and COO Gilberto Duavit Jr., senior vice president for programming Annette Gozon-Valdes, and executive vice president and chief finance officer Felipe Yalong.

"Gusto kong sabihin sa pagkakataong ito na malugod naming tinatanggap ang popular program na 'It's Showtime!' at mga magaganda at maraming talents na bumubuo nito na pinangungunahan ni Vice Ganda," Gozon said.

"Pwede na nating sabihin ngayon without any fear of contradiction na yung kompetisyon o 'yung tinatawag ng mga media practitioners na TV war is finally over," he declared.

Meanwhile, Katigbak extended ABS-CBN’s gratitude to its former rival for opening its doors to the the network's noontime show.

“In less than two weeks, we are again welcome to your network. Kaya maraming pong salamat sa lahat ng mga Kapuso sa pagtanggap sa 'Showtime' at sa pagyakap nyong muli sa ABS-CBN. Thank you for your kindness, GMA,” said Katigbak, who offered the historic collaboration to the "madlang people" or the show's loyal viewers.

“Lahat po ito ay para sa inyo, madlang people. Tuloy ang saya sa tanghali na magkakasama ulit ang mga Kapuso, Kapamilya sa 'It's Showtime,’” he added.

The ‘Showtime’ family was in full force during the event led by comedy superstar Vice Ganda in witnessing the contract signing.

• Vice Ganda opens up about 'Showtime' switch, GTV, TVJ

Joining him were Anne Curtis, Jhong Hilario, Ogie Alcasid, Amy Perez, Ryan Bang, Kim Chiu, Jugs Jugueta, Teddy Corpuz, Ion Perez, MC, Lassy, and Jackie Gonzaga.

Hosts Vhong Navarro and Karylle were not present at the event due to their prior commitments.

Last week, the Kapamilya network confirmed that “It's Showtime” was transferring to GTV starting July 1.

“It’s Showtime” will also air on A2Z, Kapamilya Channel, and Kapamilya Online Live.

The transfer became possible after TV5 sealed an agreement with Tito Sotto, Vic Sotto, and Joey de Leon, who left GMA after a fallout with TAPE Inc. which produces the long-running noontime show “Eat Bulaga.”

TV5 decided to give the 12 noon timeslot to the trio and earlier proposed to move “It's Showtime” to 4:30 p.m.

But it appeared that the two networks did not reach an agreement and ultimately led to the exit of the program from TV5 and move to the GTV.