ABS-CBN Corp. said its subsidiary Sky Cable is embarking on its transition to becoming a dedicated internet service provider following its acquisition by Pangilinan-led PLDT Inc.
In a stock exchange disclosure on Monday, ABS-CBN said Sky will have its final broadcast on Feb. 26 and will discontinue its services starting Feb. 27. ANC, the ABS-CBN News Channel, will continue its operations, the media company said.
“Sky received from the National Telecommunications Communications various Certificates of registration as a value-added service provider to offer Internet Access services across the Philippines to allow it to be a dedicated and independent internet service provider,” the company told the stock exchange.
ABS-CBN’s Sky Cable has sold its broadband business and related assets to PLDT through the sale of its 100% combined issued and outstanding capital stock to the telecommunications company.
The transaction was approved by the Philippine Competition Commission on Jan. 22, pending a number of closing conditions.
Last year, PLDT announced its plan to acquire Sky Cable for P6.75 billion, as the company targets to expand its coverage and services.
The transaction involves the sale of about 1.38 billion common shares at P4.90 apiece, with the purchase price based on the agreed equity valuation of Sky Cable’s shares as of Dec. 31, 2022.
At the local bourse on Monday, shares in ABS-CBN fell by nine centavos or 1.96% to end at P4.51 apiece; while shares in PLDT closed P10 or 0.77% lower at P1,284 each.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose