QUEZON CITY — Media powerhouse ABS-CBN Corporation has reassured its shareholders that management and ownership control will stay with the Lopez family following the entry of a new strategic investor and executive changes at affiliate Lopez Holdings Corporation.
At a special stockholders’ meeting, investors holding 83% of the company’s voting shares greenlit a ₱6-billion capital injection along with the issuance of new equity shares. The fresh capital, originally announced in August, is aimed at bolstering operational recovery and supporting future business projects.
The funding pool includes contributions from Lopez-affiliated companies—Crème Investment Corporation, Mantes Corporation, Presta Holding Company Inc., and Lopez Inc.—alongside I&C Holdings Corporation, an entity linked to new investor Fortman Cline Capital Markets.
ABS-CBN President and Chief Executive Officer Carlo Katigbak emphasized the importance of the deal for the broadcaster’s future:
“The additional capital is expected to strengthen the company’s balance sheet, support working capital requirements, and help fund the company’s turnaround and initiatives. We believe these measures will enhance the company’s long-term prospects and create value for all shareholders,” said ABS-CBN President and Chief Executive Officer (CEO) Carlo Katigbak during the firm’s special stockholders’ meeting.
Addressing concerns regarding corporate control, ABS-CBN Chairman Mark Lopez reaffirmed that overall guidance and governance remain firmly in the family’s hands:
“Lopez Inc. together with its stockholders, Crème, Mantes and Presta, and together with ABS-CBN will continue to determine ABS-CBN’s strategic direction. The new major investor will be consulted and their rights will be respected.”
“The new leadership structure at Lopez Holdings does not have an effect on ABS-CBN since Lopez Holdings does not have voting rights over ABS-CBN shares. The strategic decision is made at the Lopez Inc. and ABS-CBN levels.”
The leadership clarification comes after Benjamin Lopez was appointed director, President, Chief Operating Officer, and Chief Finance Officer of Lopez Holdings Corporation, while retaining roles across Lopez Inc., ABS-CBN Holdings Corporation, and First Philippine Holdings Corporation.
To accommodate representatives from the new investment partner, shareholders voted to expand ABS-CBN’s board of directors from seven to nine members.
Longtime executives Cory Vidanes, Chief Operating Officer for Broadcast, and Bobby Barreiro, Chief Partnership Officer, were elected to fill the additional directorships.
Lopez said the increase in the number of board seats is “to accommodate directors nominated by the new investor. Aside from this board representation, the company does not currently foresee any changes to its management team.”
The proposed expansions to the company’s board and authorized share capital outlined in its articles of incorporation will now be submitted to the Securities and Exchange Commission (SEC) for final regulatory approval.