With ABS-CBN Broadcasting Corp.’s franchise set to expire in 2020 and President Duterte openly threatening to block its renewal, the Lopez family is already exploring a number of options to keep its media business humming.
One of which is acquiring another media outlet, Zoe Broadcasting Corp. of Jesus is Lord Movement founder Eddie Villanueva, Abante reported.
Zoe owns flagship station DZOE-TV 11, which has a partnership with GMA Network, and DZOZ-TV 33.
Citing sources, Abante said ABS-CBN chairman Eugenio “Gabby” Lopez III had met with Bro. Eddie to discuss the possibility of the media conglomerate acquiring Zoe, whose legislative franchise was extended for another 25 years.
According to Abante, Villanueva is open to selling Zoe on the condition his group acquires an equity stake in ABS-CBN.
Lopez, however, is reportedly not keen on the idea.
A bill seeking the renewal of ABS-CBN’s legislative franchise remains pending in Congress, which is dominated by Duterte’s allies.
Duterte has been very vocal about his dismay over ABS-CBN for supposedly not providing him the airtime he had paid for in 2016.
He openly declared his intention to block the renewal of ABS-CBN’s franchise when it expires in 2020.