ABS-CBN Corporation is raising ₱6 billion in new equity.
Crème Investment Corporation, Mantes Corporation, and Presta Holdings Company Inc., representing three branches of the Lopez family, have committed to subscribe to an aggregate of ₱2.2 billion in ABS-CBN shares using personal resources.
I&C Holdings Corp., a 100% Philippine-owned private investment holding company that invests for long-term company turn-around, will subscribe to ₱3.5 billion worth of ABS-CBN shares.
“ABS-CBN has built valuable brands, intellectual property, content and deep relationships with Filipino audiences in the Philippines and overseas,” I&C Holdings Corp. said. “As the media industry continues to evolve, we believe these assets provide a strong foundation for the company to adapt, build a sustainable content-led business, and create long-term value.”
Lopez Inc. will subscribe to an additional ₱300 million worth of ABS-CBN shares.
“This substantial investment is a vote of confidence in ABS-CBN,” said Mark Lopez, chairman of ABS-CBN Corporation. “It tells us there are people who continue to believe in the company and in our mission of being In the Service of the Filipino.”
The ₱6-billion capital raising is intended to strengthen ABS-CBN’s balance sheet while giving the company additional resources to execute its transformation into a more sustainable, content-led media and entertainment business.
The investments are subject to the execution of separate definitive agreements and applicable corporate and regulatory requirements.