telecommunications companies

PLDT-Sky Cable deal not pushing through

Ralf Rivas

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PLDT-Sky Cable deal not pushing through
Manny Pangilinan's attempt to buy the Lopezes' Sky Cable fails for the third time

MANILA, Philippines – Manny Pangilinan’s PLDT is not acquiring the Lopezes’ Sky Cable after all.

In a stock exchange filing on Thursday, February 22, Sky Cable’s parent company ABS-CBN said the two companies mutually decided not to proceed with the P6.75-billion deal, which was supposed to be finalized this March.

PLDT also issued a one-sentence statement without elaborating on the reason for the fallout.

Following the development, Sky Cable’s TV service will continue. Meanwhile, its broadband and fiber service will remain unaffected.

Had the deal pushed through, ABS-CBN would have been required to fold Sky Cable’s channel offerings.

“We thank all our Sky subscribers for their continued patronage and support. We remain committed to providing the same level of customer experience and service for both our cable and internet services,” ABS-CBN’s statement read.

This is not the first time that PLDT has set its eyes on Sky Cable. Recall that in 2020, PLDT chairman Manny Pangilinan sought to buy the Lopezes’ Sky Cable, but later pulled out over risks of antitrust regulators flagging monopoly issues.

PLDT has Cignal TV, which is also in the business of providing paid television.

In 2022, Cignal TV attempted to buy 38.9% of Sky Cable for P2.86 billion. This bid, however, was scrapped due to political pressure, alongside the landmark deal that was supposed to consolidate the media resources of ABS-CBN and TV5.

The latest deal struck last March 2023 got the nod of the Philippine Competition Commission. –

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.