TV5 releases statement on ABS-CBN content agreement
MANILA, Philippines — TV5 released on Thursday a statement on its content agreement with ABS-CBN hours after the latter said that their partnership “may end.”
TV5 said that it recognizes the value of ABS-CBN’s well-loved programs to its viewers, especially after the latter’s franchise was not renewed in 2020. Some of ABS-CBN’s well-loved shows airing on TV5’s main channel includes its nightly slate of dramas, led by the Coco Martin starrer “FPJ’s Ang Probinsyano.”
While it values its partnership, TV5 said that it has to address some concerns, specifically ABS-CBN’s failure to meet its financial commitments to TV5.
TV5 said that their content agreement with ABS-CBN requires the latter to remit on a timely basis TV5’s share of the revenues collected from advertisers.
ABS-CBN has “failed to pay what is due” despite their repeated appeals, said TV5.
TV5 said that the amount reached “such material value as to severely affect TV5’s ability to settle its own obligations.”
“It has made it very difficult for us to compensate our employees, talents, and partners who help deliver these programs to your homes,” TV5 said.
The network made it clear that it values its partnership with ABS-CBN and it understands its financial difficulties since they belong to the same industry.
However, the network has its own challenges. “We need the funds owed to us to continue serving you, our viewers. Our leniency, as well as forbearance, must now yield to the realities of this business,” TV5 said.
It also promised to provide the best programming no matter what ensues from the issue.
ABS-CBN earlier today said that it is doing everything that it can to resolve the matter with TV5.
ABS-CBN and TV5 signed a formal five-year content agreement in June 2023.
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