The Board of Directors and Advisers of ABS-CBN Corporation released a statement on April 17 rejecting a proposal to permanently shut down the company, reaffirming confidence in its ongoing recovery strategy.
The proposal was put forward by a member of the board of Lopez Inc., the parent firm of ABS-CBN.
However, the board emphasized that the network’s shift toward becoming a content provider has opened new opportunities for growth and sustainability.
In its statement, the group highlighted key partnerships with GMA Network, Advanced Media Broadcasting System, TV5, and ZOE Broadcasting Network. It also cited the return of DZMM Radyo Patrol 630 through a joint venture with Prime Media Holdings Inc. as a major step toward regaining profitability.
The development comes six years after ABS-CBN was denied a new legislative franchise by the House of Representatives in 2020, which forced the network to cease its free-to-air broadcast operations.
Despite this, the board expressed confidence in the leadership of President and CEO Carlo Katigbak, stating that the company remains on track to meet its financial goals.
Signatories to the statement included board members Randolf David, Emmanuel de Dios, Rafael Lopez, Honorario Poblador, and Chairman Mark Lopez. Also backing the statement were company advisers, including former President and CEO Charo Santos-Concio, Freddie Garcia, Salvador Tirona, Antonio Periquet, Cynthia del Castillo, and Cesar Purisima.
Notably absent from the signatories was Federico Lopez, who had previously suggested shutting down ABS-CBN and liquidating its assets, estimated to be worth over ₱40 billion. The proposal, however, was rejected by 71% of Lopez Inc.’s stakeholders.