THREE investment companies representing branches of the Lopez family are set to inject P2.2 billion into ABS-CBN Corp., with the funds intended to help the media company meet obligations to employees and finance its recovery.
Crème Investment Corp., Mantes Corp. and Presta Holdings Company Inc. on Wednesday said the investment would come from family members’ personal resources.
Eugenio “Gabby” Lopez III said the investment reflected the Lopezes’ continued commitment to the company.
“ABS-CBN has been part of this family for generations,” he said. “We are putting our own money behind this conviction.”
The family said part of the funds would be used to address obligations to long-serving employees while the remaining amount would support ABS-CBN’s recovery plans.
The investment terms, including its structure and timing, have yet to be finalized with ABS-CBN.
The three Lopez family holding firms did not disclose further details on how the P2.2-billion investment would be deployed or whether it would involve additional equity in ABS-CBN.
The planned funding comes as ABS-CBN continues to operate under a business model that has shifted substantially since its free-to-air broadcast franchise expired in 2020. The company has since focused on content production, digital platforms, licensing and partnerships.
ABS-CBN shares rose by 46 centavos, or 12.60 percent, to a close of P4.11 apiece on Wednesday, outperforming the benchmark Philippine Stock Exchange index’s 0.63-percent gain.
