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The Philippines’ ABS-CBN scraps deal to buy shares in TV5

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

ABS-CBN said on 1 September that it and TV5 had mutually agreed to scrap the agreement, signed on 10 August.

The company was to have bought shares in TV5 for 2.16 billion pesos ($38.9 million).

ABS-CBN did not give a reason for the termination of the agreement. CNA reported that some lawmakers had questioned the legality of the plan.

The two companies also dropped a deal for TV5’s cable unit to acquire a 38.88 per cent equity interest in ABS-CBN’s Sky Cable Corp.

In 2020, the government of former President Rodrigo Duterte 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.