ABS-CBN Corporation (PSE:ABS) agreed to acquire 34.99% stake in TV5 Network Inc. from Mediaquest Holdings Inc. for PHP 2.16 billion on August 10, 2022. After the consummation of this subscription, the MediaQuest groupÆs equity in TV5 will be reduced to 64.79% of the voting and outstanding capital stock and the MediaQuest group will remain to be the controlling shareholder of TV5. Simultaneously with the execution of the Investment Agreement, the parties will execute a Convertible Note Agreement pursuant to which ABS-CBN to invest in a Convertible Note with a face value of Php1.84Bn to be issued by TV5.

The proceeds of the subscription in the primary common shares and the Convertible Note in the total amount of Php4Bn will fund the capital expenditures and operating expenses of TV5 in pursuing the enhancements of its content and programming and public service offerings. The transaction is expected to be completed within August 2022, and closing is subject to fulfillment of certain closing conditions. AlphaPrimus Advisors and Picazo Buyco Tan Fider & Santos advised the MediaQuest group on this transaction while the law firms of Romulo Mabanta and Quiason Makalintal advised ABS-CBN.