ABS-CBN Corporation, a media giant, announced that they have canceled the sale of their stake in Sky Cable Corp to PLDT Inc., the largest fully integrated telco company in the Philippines. This decision was made by both parties and represents a significant change in the expected transaction. ABS-CBN Corporation and PLDT have agreed not to move forward with the sale of Sky Cable to PLDT, as outlined in the sale and purchase agreement (SPA) signed in March 2023.
PLDT Inc. also confirmed the cancellation of the Sky Cable sale in a statement, emphasizing the mutual decision between the two companies. Despite the sale being called off, Sky Cable assured its customers that its cable TV service will continue beyond February 26, 2024.
In a statement, Sky Cable expressed their commitment to maintaining the same level of customer service for both cable and internet services. The proposed sale, valued at USD 123 million, would have seen PLDT acquiring 100% of Sky's outstanding capital stock, which is equivalent to 1.3 billion common shares.
Following this development, acquisition plans have halted, with no further explanation or alternative strategy provided. This is the second time that a deal involving Sky Cable has been withdrawn by the parties involved.
