ABS-CBN Corporation and TV5 Network Inc. have released their respective official statements following reports that both media giants are set to end their “content licensing and acquisition” deal, which allowed Kapamilya programs to air on TV5.
The statements came after reports surfaced claiming that ABS-CBN had ₱946.16 million in “unpaid” dues to TV5—an amount said to have prompted the Kapatid Network to issue a termination letter to ABS-CBN’s management.
ABS-CBN
In its statement, ABS-CBN confirmed the discussions surrounding the issue but denied the reported amount of debt. The network also clarified that it never intended to delay payments owed to TV5.
“We know we have obligations to fulfill, and we’re working as hard as we can to honor them. But whatever happens, our service to you will continue,” the network said.
ABS-CBN emphasized that it will continue to explore ways to sustain its “service” to Filipino viewers despite the current challenges.
TV5
TV5, meanwhile, acknowledged the value of its partnership with ABS-CBN but stressed that the Kapamilya network’s obligations must be addressed to ensure TV5’s continued operations.
“To be clear, we value the partnership with ABS-CBN and, as part of the same industry, we understand ABS-CBN’s financial difficulties,” the Kapatid Network stated.
TV5 continued: “But TV5 is also faced with its own challenges. We need the funds owed to us to continue serving you, our viewers. Our leniency, as well as forbearance, must now yield to the realities of this business.”
According to sources, TV5 has given ABS-CBN 30 days to settle its financial liabilities.
ABS-CBN is expected to make an announcement soon regarding its next steps.