It sounded like a sure thing, but in a last-minute move, ABS-CBN said that PLDT will no longer be acquiring its cable and internet provider company Sky Cable.
ABS-CBN made the announcement in a stock exchange filing this Thursday, February 22. It stated that they and PLDT mutually decided to not proceed with the sale of Sky Cable to the latter. A Php6.75 billion deal that was supposed to be finalized in March.
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Now that the deal is canceled, Sky Cable’s TV service will remain, as well as its fiber and broadband services.
“We thank all our Sky subscribers for their continued patronage and support. We remain committed to providing the same level of customer experience and service for both our cable and internet services,” said ABS-CBN in a statement.
No official reason was stated as to why the deal was canceled. In fact, it already received regulatory approval early this year.
It’s worth noting that this isn’t the first time PLDT tried to acquire Sky Cable. Their first attempt was in 2020, but the former was canceled due to possible monopoly issues antitrust regulators may flag them.
Then, in 2022, PLDT’s Cignal TV tried to try to acquire 38.9% of Sky Cable but was then again scrapped.