SKY Cable Corp., will no longer be sold to PLDT Inc., both companies announced on Thursday, Feb. 22, 2024.
In separate statements, ABS-CBN Corp. and PLDT have mutually agreed to abort the P6.75-billion sale of Sky Cable Corp.’s broadband business and related assets to PLDT Inc., amid the approval by the Philippine Competition Commission (PCC).
“PLDT Inc. and ABS-CBN Corp. have mutually decided not to proceed with the sale of Sky Cable to PLDT under the Sale and Purchase Agreement signed by and among the parties in March 2023,” the companies told the local bourse Thursday.
Following this development, ABS-CBN Corp. said “Sky Cable is pleased to announce that its cable TV service is here to stay, assuring its subscribers that they can maintain their subscriptions.”
“Meanwhile, Sky’s internet broadband service, SKYFiber remains unaffected,” it added.
ABS-CBN thanked its Sky subscribers for their continued patronage and support. It pledged to provide the same level of customer experience and service for both cable and internet services.
Background
On March 16, 2023, PLDT Inc. entered into a sale and purchase agreement with the Lopez Group for the 100 percent acquisition of Sky Cable Corp. for P6.75 billion.
PLDT will acquire the sale shares from Sky Vision Corp., ABS-CBN Corp. and Lopez Inc. The acquisition consists of 1,376,340,854 common shares priced at P4.9043 per share.
Sky is primarily engaged in the business of providing broadband services marketed as Sky Fiber and enterprise cable broadband services marketed as Sky Biz. In addition to the broadband business, Sky also provides pay TV and cable services.
The acquisition covers the broadband business and related assets of Sky subject to compliance with certain conditions which include, among others, the termination or cessation of operations by Sky of its pay TV and cable businesses, obtaining all applicable government approvals and clearances, obtaining all required consents and corporate actions, and payment of the purchase price.
“The proposed transaction is aligned with PLDT’s mission to narrow the digital divide by expanding broadband connectivity and supports the government’s push to expand the nation’s digital infrastructure,” PLDT said.