ABS-CBN Corporation is raising P6 billion in fresh funds from its founding family and a new private investor to strengthen its finances and accelerate its shift toward becoming a content-focused media company.
Under the deal, three Lopez family investment firms, Crème Investment Corporation, Mantes Corporation, and Presta Holdings Company Inc., will contribute a combined P2.2 billion using personal resources. Lopez Inc. will add another P300 million.
The largest share comes from I&C Holdings Corp., a Filipino-owned firm specializing in corporate turnarounds, which is investing P3.5 billion.
“ABS-CBN has built valuable brands, intellectual property, content and deep relationships with Filipino audiences in the Philippines and overseas,” I&C Holdings said. “As the media industry continues to evolve, we believe these assets provide a strong foundation for the company to adapt, build a sustainable content-led business, and create long-term value.”
The cash infusion comes as the company works to recover from financial headwinds. ABS-CBN’s first-quarter net loss expanded to P813 million from P500 million a year earlier, while revenue dropped 21 percent to P3.33 billion, largely due to declines in its cable TV and broadband segments
The capital boost will help the company pay off debts and fund its transition into a pure content producer and distributor.
“This substantial investment is a vote of confidence in ABS-CBN,” said Mark Lopez, chairman of ABS-CBN Corporation. “It tells us there are people who continue to believe in the company and in our mission of being In the Service of the Filipino.”
The investments remain subject to final contracts and regulatory approvals.
