MEDIA company ABS-CBN Corp. said it has signed the deeds of absolute sale (DoAS) covering part of its Quezon City property with property developer Ayala Land, Inc. (ALI), formalizing a P6.24-billion deal announced earlier.
“On Aug. 20, 2025, ALI and ABS-CBN signed the deeds of absolute sale upon the compliance with the conditions precedent,” ABS-CBN told the stock exchange.
The transaction follows the signing of a memorandum of agreement by ALI to acquire ABS-CBN Corp.’s property in Quezon City for P6.24 billion.
The sale covers up to 30,000 square meters, or 68.14% of ABS-CBN’s 44,027.30-square-meter property.
The agreement is subject to certain conditions, including clearance from the Philippine Competition Commission (PCC).
“It will help ABS-CBN pay down its debts as it shifts its business focus. For ALI, it’s another new site for their developments,” BDO Capital & Investment Corp. President Eduardo V. Francisco said in a Viber message.
ABS-CBN trimmed its attributable net loss for the second quarter (Q2) to P289.74 million, driven by higher advertising revenues and lower expenses for the period.
For the April-to-June period, ABS-CBN’s gross revenue rose by 8.89% to P4.04 billion from P3.71 billion in the same period last year, while combined expenses fell by 12.37% to P4.32 billion from P4.93 billion, the company said in a regulatory filing on Wednesday.
For the first half, ABS-CBN reduced its attributable net loss to P715.39 million from P2.02 billion a year earlier.
“This is the formalization of the sale, of course it will be good for ABS-CBN since it will allow them to raise much needed funds,” said April Lynn C. Lee-Tan, first vice-president and corporate strategy and chief investor relations officer of COL Financial Group, Inc.
ABS-CBN President and Chief Executive Officer Carlo L. Katigbak said in June that the company expects profitability within 18 months, citing higher advertising revenue and contributions from its digital, film, and music operations.
At the local bourse on Wednesday, ABS-CBN shares gained three centavos to close at P4.06 apiece, while shares in ALI climbed 45 centavos, or 1.73%, to finish at P26.50 each. — Ashley Erika O. Jose