🔒 Closed PLDT acquiring Sky Cable's broadband business for P6.75 billion

MANILA, Philippines – Telco giant PLDT is set to acquire Sky Cable Corporation’s broadband business for P6.75 billion, further expanding the former’s hold into the broadband space.
The transaction involves the acquisition by PLDT of 100% of Sky Cable’s total issued and outstanding capital stock consisting of 1.3 billion common shares for P4.90 apiece.
The deal also entails that Sky Cable’s ρáíd TV and cable businesses will be terminated, according to stock exchange filings submitted on Thursday, March 16, by PLDT and Sky Cable’s majority shareholder, ABS-CBN.
ABS-CBN said that Sky Cable’s broadband and cable TV services will continue while awaiting regulatory approvals. Once the deal is given the green light, Sky Cable said it is “committed to working with all its cable TV subscribers to ensure a transition to their preferred service.”

ABS-CBN did not disclose what it would do to its cable channels, including flagship news channel ANC, after the deal.
This is not the first time that PLDT has set its eyes on Sky Cable. Recall that in 2020, PLDT chairman Manny Pangilinan sought to buy the Lopezes’ Sky Cable, but later pulled out over risks of antitrust regulators flagging monopoly issues.
PLDT has Cignal TV, which is also in the business of providing ρáíd television.
In 2022, Cignal TV attempted to buy 38.9% of Sky Cable for P2.86 billion. This bid, however, was You do not have permission to view the full content of this post. Log in or register now. due to political pressure, alongside the landmark deal that was supposed to consolidate the media resources of ABS-CBN and TV5.

Strategic decision​

PLDT said that buying Sky Cable’s broadband business would benefit existing broadband subscribers of both PLDT and Sky Cable, as it would expand the coverage of offerings and services.
“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.
Meanwhile, ABS-CBN said that the sale is a “strategic decision” for Sky Cable to maintain its competitiveness.
“The proceeds from the sale of the shares of ABS-CBN and the settlement of Sky Vision’s obligations to ABS-CBN will be used by ABS-CBN to settle and fund its retirement obligations. The sale of the company’s ownership in Sky will also allow ABS-CBN to focus its resources on content creation,” ABS-CBN said. – Rappler.com

FROM: RAPPLER

 

[PHC-Karma]

the design is very monopoly capitalism

 

[AktivGrotesk]

the design is very monopoly capitalism

Mismo

 

[arsenal1205]

the design is very monopoly capitalism

Or possible na malapit na matuloy ulit yung merger ng ABS at TV5....

 

[Dismal]

Sky is the limit na ang cignal ng cable

 

[arphapbtko]

thanks sa info sir

 

[PHC-Karma]

Or possible na malapit na matuloy ulit yung merger ng ABS at TV5....

Pwede rin, we'll see

 

[arsenal1205]

Sky is the limit na ang cignal ng cable

Bababa na sa sky ang mga subscribers kasi magiging PLDT na sila.

 

[plhbg1]

nice one, those who have brains should succeed and be discriminated from those with no brains

 

[Dawgz]

na ngangamoy monopoly kung katulad dati nung panahon ni apo ngaun for sure maganda ang service nang telco natin ewan ko ba simula nang pnayagan mag karoon nang sariling telco ginagawa nalang tayong ***** nitong mga telco about sa services nila.