MANILA: Philippine broadcaster ABS-CBN Corp. said on Thursday it has terminated a deal to acquire a minority stake in local operator TV5 Network Inc, weeks after some lawmakers questioned the legality of the plan.
ABS-CBN, which has been broadcasting content mostly online since losing its rights to operate radio and television frequencies in 2020, gave no reason for the scrapping of the deal, which it said was a mutual decision.
The termination follows concern from some legislators at an inquiry last week that TV5 could be violating its franchise if it went ahead with the plan to sell a 35 percent stake to ABS-CBN for $38.3 million (2.16 billion pesos).
“The parties confirmed that they have not implemented any of the transactions covered by the investment agreement,” ABS-CBN said in a statement.
The deal could have allowed ABS-CBN to show some of its programs to a wider audience through TV5’s free-to-air channels. ABS-CBN has said such channels remain the best source of entertainment and public service to Filipinos.
ABS-CBN shares sank nearly 12 percent to a one-month low upon resumption of trading after a one-hour halt on Thursday. The broader stock index was up 0.19 percent.
ABS-CBN lost its congressional broadcast franchise in 2020 and was among several media groups hit by legal or licensing problems after angering former President Rodrigo Duterte.
Prior to that, it was the country’s biggest broadcaster, with a reach of up to 55 million people domestically and millions more Filipinos overseas.
The two firms also dropped a deal for TV5’s cable unit to acquire a 38.88 percent equity interest in ABS-CBN’s Sky Cable Corp.
Philippines’ ABS-CBN scraps deal to buy into rival TV network
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Philippines’ ABS-CBN scraps deal to buy into rival TV network
- ABS-CBN has been broadcasting content mostly online since losing its rights to operate radio and television frequencies in 202
- Termination follows concern from some legislators at an inquiry last week that TV5 could be violating its franchise
Tunisian journalist Chatha BelHajj Mubarak freed after sentence cut
- The court cut her sentence from five years to two, making her eligible for immediate release, her brother told Reuters
TUNIS: A Tunisian appeal court on Wednesday ordered the release of journalist Chatha BelHajj Mubarak, jailed since 2023 in a conspiracy case, after reducing her prison sentence, her family said.
The court cut her sentence from five years to two, making her eligible for immediate release, her brother told Reuters.
She was convicted in the so-called “Instalingo” case, which involved politicians, media figures and other defendants accused of conspiracy and financial crimes. BelHajj Mubarak denied the charges.
“Chatha is free and leaving prison,” her brother, Amen BelHajj Mubarak, said.
He said her health had severely deteriorated during her time in prison. She suffered serious complications, including significant hearing loss, and was diagnosed with cancer in detention, he added.
Tunisian authorities have said the case stems from judicial investigations into alleged financial and security-related offenses, and have rejected accusations by opposition groups that the prosecutions were politically motivated.
Tunisian prosecutors are pursuing a number of high-profile conspiracy cases involving politicians, journalists and activists. Several opposition leaders have received lengthy prison terms.
