Hating Kapamilya-Kapatid: Lopez to name president in TV5-ABS-CBN collab; MVP to pick chairman, CFO

The group of bilyonaryo Manny V. Pangilinan and the Lopez family have reportedly agreed on how to divvy up the top posts in the TV5-ABS-CBN Broadcasting joint venture.

A Babbler said the president would come from ABS-CBN which has been given management control of the joint venture.

ABS-CBN is leaning towards nominating its chief operating officer for broadcast, Socorro “Cory” Valenzuela-Vidanes, as the president.

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

According to the Babbler, the MVP group would name the chairman and chief financial officer of the JV to reflect its 65 percent control of the new media titan.

ABS-CBN recently agreed to pay P2.16 billion for a 35 percent stake in TV5.

Part of the agreement is ABS-CBN’s purchase of P1.84 billion convertible notes from TV5 which would allow it to increase its stake in the JV to 49.92 percent after eight years or by 2030.

ABS-CBN will use the P2.86 billion from the sale of its 39 percent stake in Sky Cable to Cignal Cable of the MVP group.

Just like the TV deal, Cignal will have an option to buy ABS-CBN’s remaining 61 percent stake in Sky Cable for P4.64 billion after eight years.

Overall, ABS-CBN will get net proceeds of P3.5 billion from the two deals (if the conversions are exercised by 2030) while returning to a permanent free TV channel more than two years after losing its franchise.