PLDT drops plans to acquire “significant stake” in ABS-CBN

October 25 ------ Manny V. Pangilinan, the Chairman of the PLDT board of directors, said that TEL will stop pursuing a large stake in ABS-CBN and focus instead on potential deals that could see ABS entertainment content broadcast on PLDT-owned distribution channels.

Mr. Pangilinan said that TEL and ABS are negotiating “block time, licensing of existing shows and corporate actions”, but was clear that investments were not a part of those discussions.

Source: philstar.com