(SPOT.ph) Heads up, cable TV subscribers! ABS-CBN Corporation and PLDT Inc. will not be proceeding with its acquisition of Sky Cable.
The two have mutually decided not to go forward with the sale under the Sale and Purchase Agreement they signed in March 2023, which stated that Sky Cable will air its final broadcast on February 26, 2024.
The termination of the agreement between ABS-CBN Corp. and PLDT Inc. for the acquisition of Sky Cable means that there will be no immediate changes for Sky Cable's subscribers in terms of service management, offerings, or operational changes that might have been expected under new ownership.
"Following this development, Sky Cable is pleased to announce that its cable TV service is here to stay, assuring its subscribers that they can maintain their subscriptions," Sky Cable said in a statement on February 22.
The same goes for Sky’s Internet broadband service, SKYFiber.
PHOTO BY Facebook/SKY© Provided by Spot.ph
PLDT cited concerns related to anti-trust regulations, which are regulations designed to prevent monopolies and ensure competition in the market. There was a potential for future deals to be overturned by the Philippine Competition Commission (PCC), with PLDT Chairman Manuel Pangilinan saying in a You do not have permission to view the full content of this post. Log in or register now. that "we were told that there’s this risk of possible divestment starting the second year" upon "further review by ourselves and by our legal council."
Simply put, PLDT chose to drop the bid to avoid potential legal and regulatory issues that might cause them headaches in the future.
FROM: SPOT.PH
The two have mutually decided not to go forward with the sale under the Sale and Purchase Agreement they signed in March 2023, which stated that Sky Cable will air its final broadcast on February 26, 2024.
The termination of the agreement between ABS-CBN Corp. and PLDT Inc. for the acquisition of Sky Cable means that there will be no immediate changes for Sky Cable's subscribers in terms of service management, offerings, or operational changes that might have been expected under new ownership.
"Following this development, Sky Cable is pleased to announce that its cable TV service is here to stay, assuring its subscribers that they can maintain their subscriptions," Sky Cable said in a statement on February 22.
The same goes for Sky’s Internet broadband service, SKYFiber.
PHOTO BY Facebook/SKY© Provided by Spot.ph
Why is PLDT backing out of the Sky Cable aquisition?
The deal was initially valued at ₱6.75 billion, aiming to enhance the broadband services in the Philippines through this significant consolidation within the telecommunications industry. It was supposed to be finalized in March. Now that it is called off, Sky Cable subscribers will continue to receive services as they have been, without the potential benefits that could have come from PLDT's resources, technology, and infrastructure integration. What happened?PLDT cited concerns related to anti-trust regulations, which are regulations designed to prevent monopolies and ensure competition in the market. There was a potential for future deals to be overturned by the Philippine Competition Commission (PCC), with PLDT Chairman Manuel Pangilinan saying in a You do not have permission to view the full content of this post. Log in or register now. that "we were told that there’s this risk of possible divestment starting the second year" upon "further review by ourselves and by our legal council."
Simply put, PLDT chose to drop the bid to avoid potential legal and regulatory issues that might cause them headaches in the future.
FROM: SPOT.PH
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