ABS-CBN and PLDT Call Off Sky Cable Acquisition Deal

In a significant turn of events, ABS-CBN Corp. has decided against selling the broadband business and other related assets of its subsidiary, Sky Cable Corp., to PLDT Inc., with both corporations mutually agreeing to terminate the P6.75-billion transaction. This development comes despite the deal receiving the green light from the Philippine Competition Commission just last month, after being initially signed in March 2023.

The aborted transaction means that Sky Cable will continue to operate under ABS-CBN, ensuring that existing cable TV subscriptions for Sky Cable customers remain unaffected. The deal was slated for completion by February 26 but has now been shelved, as confirmed by PLDT in a recent disclosure.

This cancellation marks a notable shift in the business strategies of both ABS-CBN and PLDT, leaving industry watchers and consumers alike curious about the future directions of both companies, particularly in the highly competitive telecommunications and media landscapes.