Bilyonaryo - Business

On the mend: Lopez family’s ABS-CBN cuts losses by 54% on strong ad and consumer sales

March 23, 2023

Bilyonaryo.com

ABS-CBN Corp. of the Lopez family reduced its net loss by 54 percent to P2.6 billion last year, primarily due to higher advertising and consumer sales.

ALSO READ: Wrecking ball: Lopez family to demolish iconic ABS-CBN headquarters

Despite the non-renewal of its franchise, the company remains committed to creating compelling content and stories for both domestic and overseas markets through strategic partnerships and collaborations.

Last year, ABS-CBN generated consolidated revenues of P19.19 billion, marking an 8 percent increase from the previous year’s P17.82 billion. Of this amount, P6.39 billion came from advertising revenues, while P12.80 billion was generated from consumer sales.

Meanwhile, costs and expenses reached P23.45 billion, representing a 4 percent increase from P22.53 billion in 2021.

To expand its digital and international businesses, ABS-CBN has consolidated its owned and operated streaming platforms into “IWantTFC,” lifting geographic restrictions for entertainment and news content in select regions worldwide

Additionally, the company licensed over 180 titles to multiple territories in Asia, Africa, the Middle East, Europe, and various international OTT platforms, generating over P528 million.

Following the lapse of Sky Cable’s franchise, ABS-CBN shifted its focus to growing its broadband subscriber base. Despite the absence of direct-to-home (DTH) services, Sky Cable’s revenues reached P8.40 billion.

In a bid to maximize value for its content and products, ABS-CBN’s board of directors approved the sale of its interests in Sky Cable for P4 billion. Other stockholders, Lopez Inc. and Sky Vision Corp., also agreed to sell their shares in Sky Cable to PLDT.

The telco giant is set to pay about P6.75 billion for all the issued and outstanding shares of Sky Cable.

Related News Tags: ABS-CBN Corp., Lopez family, sales

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