ABS-CBN says no deal struck for redevelopment of QC site

MANILA, Philippines — Media company ABS-CBN Corp. said they haven’t struck any deals to pave way for the redevelopment of its historic compound in Quezon City.

That was what Carlo Katigbak, president and CEO of ABS-CBN, told shareholders in their annual meeting early Thursday morning.

“We’ve been in discussion with possible real estate developers. No deal agreed upon,” Katigbak said. 

The planned redevelopment would span its 3.4-hectare property in Quezon City, which its news and entertainment studios call home.

Its compound in Quezon City was opened in 1968. The broadcasting site was used by Marcos cronies, following the declaration of martial law that led to ABS-CBN’s shutdown. After surviving the Marcos Sr. dictatorship, they renovated parts of the site and opened an adjacent building, ELJ Communications Center, years later which housed its corporate offices and some of its studios. 

The plan made headlines earlier this year and gained ground in the years since the Duterte administration’s denial of its broadcasting franchise. 

Even then, the plan had been in motion even prior to the pandemic. A disclosure made by the Rockwell Land Corp., another Lopez-own company, in March 2023 said this was the case.

Shares in ABS-CBN currently trade 2.67% down at P7.3 apiece as of 11:49 am on Thursday.