The purchase of the Lopezes' Sky Cable cable TV and broadband business by Manny Pangilinan's PLDT group inches closer to reality following the Philippine Competition Commission's (PCC) approval of the sale.
According to Sky Cable's parent company, the PCC gave them the nod last Friday, January 19. That said, while the regulator has allowed the sale to PLDT, it is still subject to several closing conditions.
Last Wednesday, January 17, prior to the PCC approving the Sky Cable purchase, PLDT stated that the former would "continue to work on the other closing conditions which include, among others, the termination or cessation of Sky's pay TV and cable businesses, obtaining all other applicable government approvals and clearances, and obtaining all required consents and corporate actions."
The purchase was initially announced last March when the latter first stated that it signed a sale and purchase agreement with Sky Vision Corp., ABS-CBN Corp. and Lopez Inc. for the purchase. At the time, PLDT reported that it would be paying Php 7 billion to acquire Sky Cable, with ABS-CBN expecting to receive around Php 4 billion in gross process.
This represents just the latest attempt of PLDT to purchase Sky Cable. The latter first attempted to acquire the former in 2020, followed by a second attempt in 2022, though both attempts were stopped due to antitrust concerns.
In 2022, PLDT-owned Cignal TV attempted to purchase 38.9% of Sky Cable in a Php 2.86 billion deal. However, this deal was scrapped alongside another deal meant to consolidate the media resources of ABS-CBN and TV5.
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