COMEDY King Dolphy officially signed a non-exclusive contract with TV5, the third leading network in the country.

Few weeks ago, news circulated that big names not only in the entertainment industry but also in news and current affairs are moving to TV5, which is currently owned by businessman Manny Pangilinan.

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ABS-CBN's Corporate Communications Head Bong Osorio issued a statement on the matter, which was read in a late evening entertainment program.

Osorio stated that the King of Comedy first talked to the network before doing the giant leap.

“Mang Dolphy has told us about his decision to transfer. We wish him well and to ABS-CBN he will always remain a Kapamilya,” Osorio added.

Dolphy, who is the frontman of all artists in ABS-CBN, had made numerous television shows in the network like "Home Along Da Riles," "Quizon Avenue," and "John En Shirley."

The Studio 1 of ABS-CBN was also renamed to "Dolphy Theatre" in mid-2008 to honor the contributions of the comedy King to the Kapamilya channel.

According to reports, Dolphy will be doing a show in TV5 summer this year.

Early December last year when then Kapuso star Paolo Bediones accepted TV5's offer and signed a three-year exclusive contract with the network.

Bediones was offered a fresh new contract, which not only gave him hosting projects but also a managerial position in TV5. (Glaiza Jarloc/Sunnex)