PLDT, led by Manny Pangilinan, will not be acquiring Sky Cable from the Lopezes, as announced in a recent stock exchange filing by ABS-CBN on February 22.
PLDT Acquisition Terminated
Both companies have mutually decided to put off the planned PHP 6.75 billion acquisition that was scheduled to be consummated in March. In a short statement, the Telecommunications company did not elaborate on the decision.
“We thank all our Sky subscribers for their continued patronage and support. We remain committed to providing the same customer experience and service for our cable and internet services,” ABS-CBN’s statement read.
Fortunately, Sky Cable’s TV services will stay open despite the consequences, and its fiber and broadband services won’t be impacted either.
This is PLDT’s second failed attempt to acquire Sky Cable. The first one was back in 2020 which was abandoned due to monopoly concerns and political pressure. The most recent deal, approved in March 2023, would integrate ABS-CBN’s channel offerings.
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