Pangilinan says canceled Sky Cable deal ‘assumed final’

ABS-CBN Corp. and PLDT Inc. were unable to reach an agreement on commercial terms for the sale of Sky Cable to the Pangilinan-led telecommunications company, the media company said on Monday.

“Sky Cable fully disclosed all financial information related to the deal over the due diligence review, but the parties were unable to agree on the commercial terms,” ABS-CBN told the stock exchange.

The Lopez-led media company said it would continue to explore opportunities to continue serving its subscribers, and stakeholders.

Last week, the two parties announced that the sale of Sky Cable to PLDT was no longer pushing through.

For now, the decision to halt the sale is deemed final, PLDT Chairman Manuel V. Pangilinan said during a briefing.

“Well, we have not received any word from them about reviving it. Assuming that it is final because both companies have announced the termination of the discussion,” said Mr. Pangilinan, who also serves as president and chief executive officer of PLDT.

PLDT announced in March last year that it was fully acquiring Sky Cable for P6.75 billion, mainly to expand its coverage and services.

In January, the Philippine Competition Commission approved the sale of Sky Cable to the Pangilinan-led company.

The transaction would involve the sale of about 1.38 billion common shares at P4.90 apiece, with the purchase price based on the agreed equity valuation of Sky Cable’s shares as of Dec. 31, 2022.

At the local bourse on Monday, shares in ABS-CBN gained 25 centavos or 5.95% to close at P4.45 apiece, while shares in PLDT climbed P4 or 0.31% to end at P1,294 each.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose