August 22, 2025 | 12:00am
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MANILA, Philippines — The Lopez and Zobel households have signed the deeds of absolute sale transferring a big a part of ABS-CBN Corp.’s property in Quezon Metropolis to Ayala Land Inc. (ALI).
ABS-CBN signed on Wednesday the deeds of absolute sale for the switch of 30,000 sq. meters of its 44,027.3-sqm property in Quezon Metropolis to ALI.
This paves the best way for the 2 events to begin consolidating possession within the historic landmark in Mom Ignacia Avenue, highlighted by a towering transmitter utilized by ABS-CBN again when it was airing on free TV.
ABS-CBN stated the deeds had been signed after receiving clearance from the Philippine Competitors Fee that the transaction is exempt from obligatory assessment. The events additionally accomplished the due diligence they should do in compliance with phrases and circumstances.
In June, ABS-CBN president and CEO Carlo Katigbak informed shareholders the corporate is shifting its operations to the remaining lot in ELJ Communications Heart by July 2026. The principle constructing, together with transmitter property, might be transferred to ALI by the top of subsequent yr.
ABS-CBN stated proceeds from the P6.24-billion transaction can be used to pay expiring loans, as the corporate works its manner again to profitability by 2026.
“Proceeds from the sale of the property shall be used to partially pay and repair its excellent financial institution loans, pursuant to the true property mortgage between ABS-CBN and its lenders,” ABS-CBN stated.
ABS-CBN padded its money owed to as a lot as P21 billion after it exited free TV following Congress’ denial of a brand new franchise in 2020.
Since then, ABS-CBN has struggled to return to revenue because it entered an uncharted territory the place it has to outlive on airing partnerships and digital streaming. The corporate additionally needed to get rid of property, such because the Quezon Metropolis property, and lay off abilities to chop spending.
Now, ABS-CBN is seeing gentle on the finish of the tunnel, with money owed seen dropping to P12.8 billion this yr. It has additionally developed an asset-light enterprise the place it produces movies, music and exhibits and finds companions to display it to audiences.
For ALI, the acquisition of ABS-CBN property locations them in a district surrounded by enterprise areas, authorities places of work and leisure institutions.
ALI is planning to remodel the property right into a mixed-use improvement, but it surely has no timelines but on when it could start and be accomplished.
