MANILA, Philippines – The chairman of ABS-CBN Corp. told shareholders that the media industry leader is confident of its position despite potential ownership changes among competitors.
ABS-CBN chair and CEO Eugenio L. Lopez III also doused concerns that the media group itself may enter into its own deal.
“Hinde po (It’s not true). ABS-CBN is not for sale,” Lopez said in reply to a question raised by a stockholder during the network’s stockholders’ meeting on Thursday, June 21.
He added that there are no discussions nor were there any feelers sent by the conglomerate San Miguel Corp with regards to a possible sale of the TV station. San Miguel’s president and COO Ramon Ang told reporters last week that it is interested to include broadcast media in its portfolio.
On the reported tandem-in-the-works between third-liner TV5 and second biggest media group GMA-7, Lopez said ABS-CBN is not threatened by it.
“Combining channels, programs are not going to lead to give you an inordinate structural advantage….We are competing not only against channels but with internet and hundreds of channels. It makes no difference to me if there’s one owner or hundred owners, we’re still competing against all of them. That will not change regardless of what the equity structure is of those companies,” Lopez said.
Manuel V. Pangilinan earlier said an investment deal with GMA7 may be finalized within the year. If and when completed, ABS-CBN will face stiff competition from TV5 and GMA7.
But Lopez said any deal between GMA7 and TV5 won’t change “what we have to do.”
“We’re very focused on our own strategy. The number of channels that we have to compete against remains the same. As far as we’re concerned, we just have to execute and we’ll be okay,” he said. – Rappler.com
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