ABS-CBN ‘exploring’ various partnership opportunities
ABS-CBN Corp. said on Monday that it is exploring various partnership opportunities that will enable it to share its content both locally and globally.
“Our goal as storytellers and content creators is to bring Filipino stories to audiences here and all over the world. This is the reason we are exploring content distribution opportunities that allow us to reach wider audiences and pursue our mission of service,” ABS-CBN said in a statement, responding to reports over the weekend that it was in an evolving discussion with free-to-air television network TV5.
“Over the recent past, we have announced various local and international partnerships, including our content agreement with TV5. We continue to explore various partnership opportunities as they become available to us,” it added.
The company produces content and distributes programs through its partnerships with A2Z Channel 11 and TV5, Kapamilya Online Live on Facebook and YouTube, and streaming service iWantTFC, among others.
Under President Rodrigo R. Duterte’s government, lawmakers who supported him rejected the franchise application of ABS-CBN, the former rival of GMA Network, Inc. in the broadcasting space. The House of Representatives committee on legislative franchises deemed the broadcast network critical of Mr. Duterte and “undeserving” of the privilege.
The media company saw its attributable net loss for the first quarter of 2022 narrow to P1.38 billion from a loss of P1.95 billion the previous year.
The company’s total revenues for the quarter climbed 18.6% to P4.65 billion from P3.92 billion in the same period in 2021. Its total expenses remained at P5.77 billion.
Advertising revenues increased 59.8% to P1.49 billion from P929 million previously, while consumer sales grew 5.8% to P3.17 billion from P2.99 billion.
The company said the increase in advertising revenues is attributable to both political placements and growth in regular advertising as it continues to expand its coverage through partnerships.
On Monday, its shares jumped 2.21% or 22 centavos to close at P10.16 apiece at the stock exchange. — Arjay L. Balinbin
