ABS-CBN Corp. on Wednesday reported that it had drastically reduced its cost base and outstanding debt and narrowed its losses as of end-2025, even as its board approved a proposal to increase its authorized capital stock to P4.5 billion from P1.5 billion to accommodate new investors.
During the company’s annual stockholders’ meeting, ABS-CBN President and CEO Carlo Katigbak reported that the media firm had significantly reduced its cost base, with combined general and administrative expenses and manpower costs, excluding Sky Cable, falling to P6.9 billion in 2025 from P15 billion in 2019.
The company also reduced its outstanding debt, excluding Sky, to just under P8.5 billion in 2025 from P20.5 billion in 2019, Katigbak said.
“We recognize that we are not yet where we need to be,” Katigbak said. “Our revenues are recovering. Our cost base is significantly lower. Our debt is reduced. And our losses continue to narrow.”
As of end-2025, ABS-CBN had narrowed its net loss to P4.72 billion from P6.1 billion the previous year.
But for the first half of 2026, the company posted a wider consolidated net loss of P1.83 billion from a loss of P852 million in the same period last year, as consolidated revenue dropped 17 percent to P6.88 billion.
ABS-CBN’s board also approved a proposal to increase its authorized capital stock to P4.5 billion from P1.5 billion to accommodate new subscriptions from I&C Holdings Corp., Crème Investment Corp., Mantes Corp. and Presta Holdings Company Inc.
The proposed capital increase remains subject to the approval of its stockholders and the Securities and Exchange Commission.
ABS-CBN said the capital hike proceeds would be used for general corporate purposes.
ABS-CBN was earlier reported to be considering a fresh equity infusion of P6 billion from new investors, with P3.5 billion from I&C Holdings, P2.2 billion from Lopez family vehicles Crème Investment, Mantes Corp. and Presta Holdings, and P300 million from Lopez Inc.
The company will present the proposed amendments to its articles of incorporation, including the proposed capital stock increase, at a special stockholders’ meeting on Sept. 30.
Meanwhile, the company said it was planning to consolidate all of the remaining operating units in Quezon City into two buildings as it prepares to turn over a portion of its property sold to Ayala Land Inc.
“After turnover of the sold parcel to Ayala Land by mid-2027, all operating units based in Quezon City will hold office in the Eugenio Lopez Communications Center and the Gina Lopez Building,” said Grant Orbeta, head of ABS-CBN’s Real Estate and Development Group.
He said the company was still studying the possibility of additional parking for its fleet vehicles but would consider the “most economical option” in doing so.
The consolidation of its Quezon City units is part of ABS-CBN’s continuing efforts to streamline operations as it rebuilds its business following the loss of its broadcast franchise.
Beyond its internal restructuring, ABS-CBN said it remained open to working with other media companies as it seeks to expand its content business.
“As a content company, ABS-CBN will continue to explore opportunities to create more content and serve its various publics as best as it can,” Chief Partnerships Officer Roberto Barreiro said. “We are therefore open to working with other media entities under terms that are beneficial to our company.”
The board also approved a proposal to increase the number of directors from seven to nine.
During the annual meeting, former ABS-CBN president and chief operating officer Maria Rosario “Charo” Santos-Concio returned to the company’s board after being elected as a director.
Monico Jacob and Honorio Poblador IV were also elected as independent directors, with Poblador designated as lead independent director.
ABS-CBN saw its shares on Wednesday shed P0.13, or 3.39 percent, to close at P3.71 each amid a 1.7 percent drop for the benchmark Philippine Stock Exchange index.
