pdrs | ABS-CBN News

Rappler to appeal SEC shutdown ruling

Zandro Ochona, ABS-CBN News
Posted at Jun 29 07:36 PM

Rappler is set to appeal the decision by the SEC upholding its earlier decision to revoke the news site's license to operate. Read more »

SEC cites foreign ownership violation in Rappler shutdown order

ABS-CBN News
Updated as of Jun 29 03:59 PM

The Securities and Exchange Commission on Wednesday said it has ordered the revocation of the certificates of incorporation of news site Rappler due to violation of constitutional and statutory restrictions on foreign ownership on mass media. Read more »

ABS-CBN raises P500-M via shares, PDRs sale in digital push

ABS-CBN News
Posted at Jan 26 02:35 PM

ABS-CBN Corp on Wednesday said it raised nearly P500 million in a sale of over 21 million common shares and over 11.5 million Philippine Depositary Receipts. Read more »

GMA Network buys back PDRs held by foreign nationals 'to protect investments'

ABS-CBN News
Updated as of Aug 11 01:48 PM

GMA Network Inc said Tuesday it would "purchase and acquire" Philippine Deposit Receipts held by non-Filipinos to protect investments after lawmakers adopted a working group's recommendation denying the franchise of rival ABS-CBN's franchis in July. Read more »

VERA Files Fact Check: Gabby Lopez still HAS shares in ABS-CBN Corp.

VERA Files
Posted at Jul 20 07:01 PM

A July 15 article by website Showbiz News Today inaccurately claimed ABS-CBN chairman emeritus Eugenio “Gabby” Lopez III has long pulled out all of his “multi-million” shares in “ABS-CBN Corporation”—supposedly in anticipation of Congress’ denial of the network’s bid for a fresh 25-year franchise. This is wrong and misleading. Read more »

Marcoleta insists ABS-CBN violated laws, franchise despite contrary testimonies

ABS-CBN News
Updated as of Jul 09 10:50 PM

A party-list lawmaker on Thursday summed up the reasons against granting ABS-CBN Corp. a new franchise, saying it violated the Constitution and the terms of its congressional license despite testimonies from various government agencies countering these claims.  Read more »

ABS-CBN franchise hearings to resume on June 29: House committee chair

ABS-CBN News
Updated as of Jun 22 10:52 PM

Discussions for the new franchise bills of ABS-CBN at the House of Representatives will resume on June 29 following a "mutual decision" by lawmakers and the broadcast network to postpone this week's proceedings, a House committee chair said Monday. Read more »

Congressman questions return of ABS-CBN to Lopezes after martial law seizure

ABS-CBN News
Posted at Jun 15 07:20 PM

Cavite Congressman Elpidio Barzaga said he wanted to know if the return of ABS-CBN to the Lopezes followed “proper process.” Read more »

Lagman: 'Nothing illegal or irregular' about ABS-CBN Holdings' PDRs

Jessica Fenol, ABS-CBN News
Updated as of Jun 15 05:30 PM

The Philippine Deposit Receipt (PDRs) issued by ABS-CBN Holdings are "completely compliant" with the Constitution and are not a scheme to circumvent the laws, Albay Rep. Edcel Lagman said Monday.   Read more »

PDRs allow foreigners to invest without violating PH laws, says Monsod

ABS-CBN News
Updated as of Jun 13 04:32 AM

“It’s not an innovation or creation of ABS-CBN. This is allowed in many countries and the purpose of this is to allow foreign investors to invest without violating any laws of the land," said Atty. Christian Monsod, one of the framers of the 1987 Constitution.  Read more »

ABS-CBN legal counsel cites ‘basic difference’ between ABS-CBN's PDRs, Rappler's

Art Fuentes, ABS-CBN News
Updated as of Jun 11 11:40 PM

Atty. Cynthia del Castillo said that in Rappler’s case, it had to get approval from two-thirds of the holders of PDRs before it could change the company’s bylaws. There is no such provision in ABS-CBN’s PDRs, she said. Read more »

SEC: No case filed vs ABS-CBN PDRs

Christian Esguerra, ABS-CBN News
Updated as of Jun 11 08:17 PM

A Securities and Exchange Commission official on Thursday said ABS-CBN Holdings Corp. did not violate its regulations when it issued Philippine Deposit Receipts (PDRs), which are under scrutiny as the country's largest media network seeks congressional approval for new operating franchise. Read more »

ABS-CBN can buy back PDRs if ordered, along with rivals: CEO

ABS-CBN News
Updated as of Jun 11 07:07 PM

If the SEC, a court of law, or even Congress wishes to disqualify the use of PDRs equally across the entire media industry, then ABS-CBN will be willing to modify, alter or comply with the order if so directed, ABS-CBN CEO Carlo Katigbak said.  Read more »

Marcoleta authored bills granting franchises to GMA, other firms older than 50 years

Mike Navallo, ABS-CBN News
Updated as of Jun 04 10:06 AM

SAGIP Party-list Rep. Rodante Marcoleta authored bills bills granting franchises to companies with more than 50-year franchises and which offer PDRs, contrary to his position on the ABS-CBN franchise.  Read more »

Marcoleta sought to allow dual citizens to run for public office without renouncing foreign citizenship

Mike Navallo, ABS-CBN News
Updated as of Jun 04 12:54 AM

MANILA (UPDATE) - A lawmaker who questioned ABS-CBN chairman emeritus Eugenio "Gabby" Lopez III's citizenship had previously sought to allow dual citizens to run for public office without renouncing foreign citizenship. Read more »

Supreme Court defers action on quo warranto petition vs ABS-CBN

ABS-CBN News
Updated as of Mar 10 06:23 PM

MANILA -- The Supreme Court on Tuesday deferred action on the quo warranto petition filed by the Solicitor General against ABS-CBN over alleged franchise violations until April 14, sources said.  Read more »

OPINION: If PDRs are unconstitutional, why did Duterte sign the law renewing GMA-7's franchise even though it has PDRs patterned after ABS-CBN’s?

Raissa Robles
Updated as of Feb 27 02:43 AM

When President Duterte approved GMA’s franchise, Jose Calida was the Sol Gen. Read more »

ABS-CBN PDRs 'compliant' with law, as SEC says ownership rules evolving

ABS-CBN News
Updated as of Feb 25 12:25 AM

If the rules on PDRs changed since ABS-CBN Holdings Corp issued the first ones in 1999, it should be allowed to "rectify" the investment instruments to reflect the changing regulations. Read more »