ABS-CBN Corp. on Monday denied reports that it was in talks to transfer management of the company to businessman Manuel V. Pangilinan, saying the claims were “not accurate.”
In a statement, the listed media company said there were no discussions regarding ABS-CBN being turned over to Pangilinan’s MediaQuest Holdings Inc. or TV5.
It did not directly address a claim that San Miguel Corp. Chairman Ramon S. Ang was preparing a P3.5-billion financing package in exchange for a stake in ABS-CBN.
“This is not accurate. There are no discussions with Mr. Ramon S. Ang or Mr. Pangilinan on turning over the management of ABS-CBN to MediaQuest or TV5,” the company said.
ABS-CBN added that its relationship with Pangilinan and his affiliated companies remained limited to its existing content partnership with TV5.
The company also denied reports claiming that more than P10 billion had been infused into ABS-CBN since 2020.
According to ABS-CBN, Lopez Inc. has invested less than P1 billion in the company to date.
The statement was issued in response to a news report published Monday that made claims about the company’s ownership and management, as well as the amount of capital infused into the business.
ABS-CBN did not identify the report it was referring to and did not provide further details beyond its denial.
The company has maintained a content partnership with TV5 in recent years, allowing both companies to collaborate on selected programs while operating as separate entities.
ABS-CBN shares rose by P0.25, or 7.27 percent, to a close of P3.69 each on Monday, outpacing the benchmark Philippine Stock Market index’s 1.58-percent gain for the day.