Top officials of Mediaquest Holdings’ TV5 and ABS-CBN have finally inked their plan to join forces after more than a year of negotiations.
A Babbler said Mediaquest chairman Manny V. Pangilinan and ABS-CBN chairman Mark Lopez led the signing of the landmark deal at the 9th floor of the Launchpad Building (TV5 media center) in Mandaluyong City at 6 p.m. on August 10.
Pangilinan was accompanied by PLDT president and CEO Al Panlilio and Mediaquest president and CEO Jane Basas.
Aside from Lopez, the ABS-CBN contingent was composed of its president and CEO Carlo Katigbak, COO Cory Vidanes, and Integrated Events & Customer Engagement head Bobby Barreiro.
The move is seen as a win-win for both parties – TV5 will finally get the popular content it has been searching for since Mediaquest took over in 2010; and ABS-CBN will finally get a home for its top-rating shows after losing its franchise two years ago.
In a briefing six days ago, Pangilinan said: “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.”
Pangilinan clarified TV5 would not acquire ABS-CBN but the Lopez network would invest to have at least 35 percent in TV5.