(Photo: ABS-CBN)

Philippine media company ABS-CBN Corporation has agreed to acquire 35 percent of the free-to-air television company TV5.

In an agreement signed in Manila on 11 August, ABS-CBN will buy shares in TV5 for 2.16 billion pesos ($38.9 million), the companies said in a statement.

The transaction is expected to be completed by the end of August.

In 2020, the Philippine government ordered ABS-CBN to shut its free TV and radio stations after its franchise expired. It has since been airing some of its shows on TV5 and other networks.

“This partnership is consistent with the strategic intention of ABS-CBN to evolve into a storytelling company whose goal is to reach as wide an audience as possible,” ABS-CBN President and CEO Carlo Katigbak said.