Tuesday, April 16, 2024
HomeBusinessABS-CBN and PLDT Abandon Sale of Sky Cable

ABS-CBN and PLDT Abandon Sale of Sky Cable

On Thursday, ABS-CBN and PLDT Inc. jointly announced that they had decided to put a stop to the sale of ABS-CBN subsidiary Sky Cable Corp. to PLDT Inc. The P6.75 billion contract that was approved by the Philippine Competition Commission in January of this year comes to an end as a result of this action.

The two businesses came to an understanding to terminate the deal specified in the sale and purchase agreement that was signed in March 2023, according to statements made public separately by PLDT and ABS-CBN. In their statement dated February 21, 2024, PLDT made clear that they had decided together not to move forward with the sale.

The internet and cable television company promised its clients that it will carry on with business as usual when the sale of Sky Cable was terminated, with a sign-off date of February 26.

Sky Cable announced in a statement that it is pleased to confirm the continuation of its cable TV service, giving customers peace of mind that they can keep their current subscriptions.



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