PCC warns MVP, Lopez groups: Be sure TV5, ABS-CBN joint venture won’t lessen competition

The Philippine Competition Commission (PCC) has ordered TV5 and ABS-CBN Broadcasting to conduct due diligence to ensure their proposed 65-35 joint venture won’t create a media giant that will lessen competition in the TV industry.

The antitrust watchdog is mandated to ensure fair market competition.

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PCC issued the fair warning after bilyonaryo Manny V. Pangilinan revealed his group and the Lopez family are in the “closing stages” of a proposed joint venture between TV5 and ABS-CBN after over a year of haggling.

“PCC trusts that firms undertaking sizeable mergers or acquisitions conduct due diligence to ensure compliance with our antitrust law and engage in consultation with the Commission, where necessary,” the anti-trust watchdog said in a statement.

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“This includes M&A or joint venture transactions with considerable share in the markets they operate in — such as the reported transaction between TV5 and ABS-CBN, two of the top media firms in the country,” it added.

PCC said its job is to prevent the rise of new monopolies or consolidation of market power that may be detrimental to consumers.

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