Speculation has been mounting over a potential “white knight” investor for media giant ABS-CBN Corporation, following the company’s decision to reschedule its annual board meeting to August. Former ABS-CBN Chairman Emeritus Eugenio “Gabby” Lopez III is reportedly in talks with prospects to secure fresh funding for the company.
When asked by the Philippine Entertainment Portal (PEP) if they were the rumored investors looking to pump new capital into the Lopez-led media company, TV5 and PLDT-Smart Chairman Manny V. Pangilinan and San Miguel Corporation (SMC) President and CEO Ramon S. Ang gave a playful response.
Pointing to his longtime business partner, Pangilinan simply said:
“Ewan ko. You have to ask him.”
The investment rumors come on the heels of a renewed content partnership between ABS-CBN and TV5. Starting June 22—just six months after their previous agreement expired in January—the two networks began cross-airing programs. Kapamilya shows like “Sigabo,” “Someone Someday,” “Kapamilya Deal or No Deal,” “Everybody Sing,” and “Blockbusters sa Umaga” are now broadcasting on TV5, while Kapatid programs such as “Face To Face Harapan,” “My Bespren Emman,” and “A Secret in Prague” are featured on ABS-CBN’s platforms.
Reports of a search for external backing emerged amid an alleged family dispute. Lopez Inc. President Federico “Piki” Lopez reportedly turned down Gabby’s proposal to inject ₱2 billion in fresh capital into ABS-CBN, opting instead to liquidate the media network’s remaining assets.