MANILA, Philippines — Sky Cable Corp., a subsidiary of ABS-CBN, will no longer be sold to the Manny V. Pangilinan-led PLDT Inc., both companies announced on Thursday.
In separate statements, ABS-CBN and PLDT said that they mutually agreed to abort the agreement worth P6.75 billion which was approved by the Philippine Competition Commission in January this year.
"PLDT Inc. and ABS-CBN Corp. have mutually decided not to proceed with the sale of Sky Cable to PLDT under the sale and purchase agreement signed by and among the parties in March 2023," PLDT's disclosure, dated Feb. 21, 2024, released on Thursday, read.
With the sale of Sky Cable being terminated, the broadband and cable television firm announced that it would continue its operations, as it was set to originally sign off on February 26.
"Sky Cable is pleased to announce that its cable TV service is here to stay, assuring its subscribers that they can maintain their subscriptions," the firm said.
"Meanwhile, Sky's internet broadband service, SKYFiber remains unaffected," it added.