'Dream team': ABS-CBN, TV5 deal benefits public - Tulfo

ABS-CBN News

Posted at Aug 17 2022 10:13 AM | Updated as of Aug 17 2022 11:34 AM

PLDT President Alfredo S. Panlileo, ABS-CBN Cairman Mark L. Lopez, ABS-CBN President Carlo L. Katigbak and Mediaquest Chairman Manuel V. Pangilinan give the thumbs up sign after the signing ceremony on August 10, 2022. Jonathan Cellona, ABS-CBN News
PLDT President Alfredo S. Panlileo, ABS-CBN Cairman Mark L. Lopez, ABS-CBN President Carlo L. Katigbak and Mediaquest Chairman Manuel V. Pangilinan give the thumbs up sign after the signing ceremony on August 10, 2022. Jonathan Cellona, ABS-CBN News

MANILA — The viewing public will benefit as 2 broadcast giants ABS-CBN and TV5 team up to deliver quality content in a landmark partnership deal, a senator said Wednesday.

By joining forces, the Lopez-led media company and Manny Pangilinan-led network are set to offer high-quality entertainment and news programs, Sen. Raffy Tulfo said.

"The best of 2 worlds joining together at ang end result, dream team. At sino makikinabang dito? The viewing public," he told ANC's "Headstart".

According to Tulfo, he has not so far seen any violations in the partnership deal.

"Kung merong violation, then it's a different story, it's a different ballgame. Pero kung wala tayong makikitang mali at okay lang 'yung merger ng ABS-CBN at TV5, so let it be," he said.

"I, for one, will support that and I'm talking based on me being a former broadcaster na alam ko 'yung takbo at kalakaran sa media."

The House Committee on Legislative Franchises has set a briefing Thursday on the investment of ABS-CBN Corporation in TV5.

The schedule was announced same week as SAGIP Party List Rep. Rodante Marcoleta renewed his position against ABS-CBN. 

In a privilege speech Monday, Marcoleta hinted he may go after the PLDT group, which owns TV5, for allegedly "merging" with ABS-CBN. He earlier played a leading and vocal role in the rejection of ABS-CBN's franchise renewal by the 18th Congress.

Marcoleta cited alleged violations of the expired franchise of ABS-CBN as well as tax laws and labor laws as reasons for the rejection of the franchise as well as reasons for why TV5, as a grantee of a franchise, should not "merge" with ABS-CBN.

To date, no government agency has sued ABS-CBN in court. Neither has it been convicted for alleged violations of franchise and tax laws.

When ABS-CBN and MediaQuest, parent company of TV5 signed the investment agreement last week, their executives maintained it was not a merger.

ABS-CBN merely invested in 35 percent of TV5 stocks, with MediaQuest, which is controlled by PLDT, retaining control over 65 percent of the broadcaster. The 2 companies remain distinct.

The acquisition of additional shares, which will be done via a convertible note agreement, will be subject to regulatory approvals.

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