MANILA – ABS-CBN Corporation said on Thursday that it has signed a deal with Ayala Land Inc (ALI) for the sale of a portion of its property in Quezon City.

A Memorandum of Agreement was signed by ABS-CBN Corporation and ALI on Feb. 27, 2025, for the sale covering 30,000 square meters out of the total 44,027.30 sqm of the property for P6.2 billion, the Lopez-led firm said in a disclosure to the stock exchange.

ABS-CBN’s headquarters houses several buildings including production facilities. Operations, including offices and studios, will be consolidated in the remaining portion to be retained by the company, it said.

“ABS-CBN will be consolidating its operations in the remaining 1.4 hectares of the Quezon City Property,” it said.

Under the MOA, payment for the sale will be on an installment basis. Proceeds will be used for partial payment of loans, ABS-CBN said.

“Proceeds of the sale of property will be used to partially pre-pay its outstanding bank loans,” the company said.

ABS-CBN added that the deal is subject to several conditions, including a clearance from the Philippine Competition Commission, if applicable.

Reposted from ABS-CBN News Online dated 27 February 2025.