THE sale of ABS-CBN’s Sky Cable to PLDT Inc. has been canceled, the multimedia giant said Thursday, February 22, 2024.
In a statement, ABS-CBN Corporation said it came up with a mutual decision with PLDT to no longer push through with the sale under the Sale and Purchase Agreement signed by and among the parties in March 2023.
“Following this development, Sky is pleased to announce that its cable TV service will continue beyond February 26, 2024, assuring its subscribers that they can maintain their subscriptions. Meanwhile, Sky’s broadband internet service, Sky Fiber, remains unaffected,” it said.
Under the agreement, PLDT will acquire 100 percent of Sky Cable's P1.38 billion outstanding capital stock for P6.75 billion from Sky Vision Corp., ABS-CBN Corp., and Lopez Inc.
ABS-CBN, one of the major television stations in the country, went off-air on free-TV in May 2020 after the Congress rejected its franchise renewal application to various violations, including alleged non-payment of right taxes. (TPM/SunStar Philippines)