Just two weeks after confirming its interest in Sky Cable, bilyonaryo Manny V. Pangilinan has reportedly dropped his plan to buy the Lopez-owned firm and merging it with PLDT’s Cignal TV to create a virtual cable and satellite TV monopoly.
Two sources inside the MVP group revealed that a number of top executives of PLDT and Cignal have expressed their opposition to the planned takeover not only because it would not move the needle for Cignal, but because the Lopezes’ asking price was too high.
One Babbler said while Pangilinan was initially ready to make an “aggressive bid” for Sky Cable, the 74-year old executive was turned off by the Lopezes refusal to lower their asking price.
Another Babbler said Pangilinan was prevailed upon by some PLDT-Cignal executives not to pursue Sky Cable because Cignal was already doing good on its own as the county’s largest subscription TV provider.
Since ABS-CBN was yanked off the air and lost its franchise renewal in Congress, the Babbler said Cignal has been enjoying a surge in subscribers which has made a merger with rival Sky Cable unnecessary
The Babbler said PLDT-Cignal executives warned Pangilinan that there was no guarantee that the Philippine Competition Competition on the deal which could mean massive losses and a potential source of embarrassment for the Salim conglomerate.
PLDT confirmed on September 14 that it was “exploring opportunities” with respect to the reported sale of Sky Cable. On the same day, ABS-CBN declared that it has not yet decided to sell Sky Cable nor has it offered it for sale to any company.
BILYONARYO broke the news that Pangilinan was interested in buying Sky Cable. BILYONARYO initially reported that Converge’s Dennis Anthony Uy, DITO Telecommunity’s Dennis Uy, and the Ayala group have made offers to buy Sky Cable.