ABS-CBN CORP. said its content supply agreement with Villar-led Advanced Media Broadcasting System Inc. (ALLTV) stays in effect.
“ABS-CBN has an existing content supply partnership with ALLTV which commenced on May 13, 2024. This partnership stays in effect,” the listed media company told the stock exchange on Tuesday.
The confirmation comes after reports that ABS-CBN is taking a look at expanding content cooperation with ALLTV.
The media company previously said the arrangement, announced in 2024, was designed to widen access to its programs and news by making chosen shows available on ALLTV’s free-to-air platform.
Since May 13, 2024, ALLTV has carried a lineup of popular Kapamilya teleseryes at various time slots and has also aired news programming from TV Patrol.
The partnership is meant to offer viewers nationwide with additional entertainment and news selections on ALLTV, which could be received on free TV, cable and satellite.
TV Patrol and TV Patrol Weekend began broadcasting on ALLTV on April 15, 2024.
Individually, ABS-CBN last week confirmed that TV5 Network, Inc. has served a notice ending their five-year content supply agreement signed in 2023.
ABS-CBN said it stays committed to addressing the dispute.
TV5, led by the Pangilinan group, said it terminated the agreement after ABS-CBN allegedly did not remit its share of promoting revenues on time despite repeated requests.
ABS-CBN rejected the claim, saying it didn’t intentionally hold back payments and noting that its financial difficulties stem largely from the lack of its broadcast franchise, which significantly lowered revenues and led to persistent losses.
For the third quarter, ABS-CBN reported a net lack of P1.28 billion, wider than the P389.87 million loss recorded a yr earlier. Combined revenues rose 19.63% to P3.48 billion, while total expenses declined 7.85% to P4.58 billion.
ABS-CBN shares closed 1.25% lower, or 4 centavos, at P3.16 apiece on Tuesday. — Ashley Erika O. Jose