Signing set in August or September: MVP Group to own 65% stake in JV with Lopez family’s ABS-CBN

Bilyonaryo Manny V. Pangilinan has moved a step closer towards sealing a joint venture deal with Lopez-led ABS-CBN Corp. after more than a year of negotiations.

“It’s fair to characterize that we’re at the closing stages. I think the likelihood of an agreement with them is high and it’s near,” Pangilinan told reporters during PLDT’s briefing on its financial results Thursday.

Pangilinan pointed out that TV5’s parent Media Quest Holdings would take a 65 percent stake in the joint venture with ABS-CBN owning the remaining 35 percent.

Valuation, TV Patrol remaining issues: MVP group to retain majority in planned TV5-ABS-CBN alliance

“We are not acquiring ABS-CBN. Instead, they will be investing in TV5. The model we are working on is it will be a joint venture between TV5, using the platform of TV5 as the free-to-air broadcast platform of both TV5 and PLDT Group and the ABS-CBN group,” the PLDT chairman said.

Pangilinan said they were targeting to close the deal this month or by September.

TV5 and ABS-CBN have already stepped up their collaboration in talents and production with the Lopez media firm producing more shows for TV5.

Armed client holds bank staff hostage to access savings

An armed customer threatening to set himself ablaze held bank workers hostage throughout the day Thursday in Lebanon’s capital, demanding to withdraw his trapped savings to pay hospital fees, security sources and a family member said.