ABS-CBN Sells 30,000 Sq.m. of QC Property to Ayala Land for ₱6.24B

MANILA, Philippines – ABS-CBN Corporation has signed a deal to sell 30,000 square meters of its Quezon City property to Ayala Land Inc. for ₱6.24 billion, pending regulatory approval.

The sale, which covers a significant portion of ABS-CBN’s 44,027.30-sq.m. property that houses production facilities and other buildings, will help the company partially prepay its outstanding bank loans. The remaining 1.4 hectares will continue to serve as its operational base.

Under the agreement, the down payment will be held in escrow and released once conditions, including clearance from the Philippine Competition Commission (PCC), are met.

ABS-CBN’s latest financial report showed ₱16.315 billion in loans as of the first nine months of 2024, down from ₱17.189 billion in 2023. Despite a net loss of ₱1.587 billion, the company has improved its financial standing compared to the previous year’s ₱3.331 billion loss.