ABS-CBN Corporation has strongly rejected a report by news website Bilyonaryo News claiming that control of the Kapamilya Network will be turned over to business tycoons Ramon S. Ang of San Miguel Corporation (SMC) and Manny V. Pangilinan of MediaQuest Holdings.
The report alleged that Ang’s group planned to inject over ₱3.5 billion in fresh capital into the struggling media company, while Pangilinan—leveraging his experience with TV5—would manage day-to-day operations.
However, the Lopez-led company firmly stated that no such discussions exist.
“This is not accurate. There are no discussions between Mr. Ramon S. Ang and Mr. Pangilinan on turning over the management of ABS-CBN to MediaQuest or TV5,” the company said.
ABS-CBN clarified that its collaboration with Pangilinan’s group remains strictly operational and does not involve management control.
“Our relationship with Mr. Pangilinan and his affiliated companies is limited to our existing content partnership with TV5,” the network added.
Additionally, the network debunked claims that its parent company, Lopez Inc., had infused over ₱10 billion into ABS-CBN since losing its broadcast franchise in 2020.
“The report also states that more than ₱10 billion has been infused to the Company since 2020. This is not correct. Lopez Inc. has invested less than ₱1 billion in ABS-CBN to date,” ABS-CBN stated.
The Lopez family retains full management of the network, with Chairman Mark Lopez and President/CEO Carlo Katigbak recently renominated to their respective posts.