On TV5’s alliance with ABS-CBN: Monopoly claims are overblown, says MVP

“We’re nowhere near GMA.”

This was bilyonaryo Manny V. Pangilinan’s response to claims that the landmark partnership deal between TV5 and the Lopez family’s ABS-CBN Corp. would result in a monopoly of the broadcasting industry.

“May mga bumabatikos. Maliit pa ang TV5. I don’t know why people [think] it’s a major media organization,” said Pangilinan, chairman of TV5 when asked if he was happy with the joint venture with ABS-CBN.

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Paniglinan noted that TV5’s revenues would be slightly below P2 billion, “probably less than 10 percent” of GMA”s revenue.

The Philippine Competition Commission (PCC) and the National Telecommunications Commission (NTC) are now looking into the matter to determine whether the partnership will result in a substantial lessening of competition.

Under the deal, ABS-CBN will acquire 35 percent or 6.46 million new common shares of TV5 for P2.16 billion. This will leave TV5 operator Mediaquest Holdings with 65 percent.

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