MANILA, Philippines – ABS-CBN and TV5 announced that they are going to "pause" closing preparations for the recent partnership deal.
In a statement released on Wednesday, August 24, the two media networks confirmed that preparations to close the business deal are suspended for the meantime. This came after the deal that allowed ABS-CBN to acquire 35% of TV5 shares faced issues from several lawmakers and government bodies.
READ: ABS-CBN and TV5 sign landmark partnership deal
The joint statement disclosed that the "pause" was made for the media firms to address the issues.
It stated, "To address the issues which have been raised by certain legislators and the National Telecommunications Commission on the proposed investment by ABS-CBN for a minority interest in TV5, ABS-CBN and TV5 have agreed to a pause in their closing preparations."
"This pause will give the space for both media organizations to respond to the issues, and accommodate any relevant changes to the terms," the statement added.
The networks remain firm that their partnership will benefit the Philippine media and the Filipinos.
"Both ABS-CBN and TV5 believe that an agreement between the two media companies will have a favorable impact on Philippine media, and on free-to-air television—which remains the most affordable and extensive source of entertainment and public service to Filipinos," the statement read.
Meanwhile, Albay 1st District Rep. Edcel Lagman has sent a letter to Speaker Martin Romualdez regarding the supposed investigation on the partnership.
Lagman insisted that there's "absolutely nothing wrong" with the partnership because it wasn't a merger. He said that a House investigation on the issue would only lead to "the derogation of press freedom and free speech".
Last August 18, Parañaque City 2nd district Rep. Gus Tambunting, the chairman of the Committee on Legislative Franchises, said it was his decision to remove the briefing on the ABS-CBN and TV5 partnership from the panel's agenda.
The briefing was initially scheduled after SAGIP Party-list Rep. Rodante Marcoleta asked for an investigation on the partnership as it allegedly led to violations on TV5's franchise rights.
In a statement released on Wednesday, August 24, the two media networks confirmed that preparations to close the business deal are suspended for the meantime. This came after the deal that allowed ABS-CBN to acquire 35% of TV5 shares faced issues from several lawmakers and government bodies.
READ: ABS-CBN and TV5 sign landmark partnership deal
The joint statement disclosed that the "pause" was made for the media firms to address the issues.
It stated, "To address the issues which have been raised by certain legislators and the National Telecommunications Commission on the proposed investment by ABS-CBN for a minority interest in TV5, ABS-CBN and TV5 have agreed to a pause in their closing preparations."
"This pause will give the space for both media organizations to respond to the issues, and accommodate any relevant changes to the terms," the statement added.
The networks remain firm that their partnership will benefit the Philippine media and the Filipinos.
"Both ABS-CBN and TV5 believe that an agreement between the two media companies will have a favorable impact on Philippine media, and on free-to-air television—which remains the most affordable and extensive source of entertainment and public service to Filipinos," the statement read.
Meanwhile, Albay 1st District Rep. Edcel Lagman has sent a letter to Speaker Martin Romualdez regarding the supposed investigation on the partnership.
Lagman insisted that there's "absolutely nothing wrong" with the partnership because it wasn't a merger. He said that a House investigation on the issue would only lead to "the derogation of press freedom and free speech".
Last August 18, Parañaque City 2nd district Rep. Gus Tambunting, the chairman of the Committee on Legislative Franchises, said it was his decision to remove the briefing on the ABS-CBN and TV5 partnership from the panel's agenda.
The briefing was initially scheduled after SAGIP Party-list Rep. Rodante Marcoleta asked for an investigation on the partnership as it allegedly led to violations on TV5's franchise rights.
