ABS-CBN Corp and PLDT Inc Abandon Sky Cable Sale Agreement

In a recent development, ABS-CBN Corp announced on Thursday that the planned sale of its stake in Sky Cable Corp to PLDT Inc will not proceed. The decision, as per ABS-CBN Corp, was reached through mutual agreement between the two parties.

Mutual Decision to Abandon Sale

ABS-CBN Corp, in a disclosure to the stock exchange, stated, “ABS-CBN Corporation and PLDT have mutually decided not to proceed with the sale of Sky Cable to PLDT under the Sale and Purchase Agreement signed by and among the parties in March 2023.”

BREAKING: PLDT and ABS-CBN jointly decided NOT to proceed with the Sky Cable transaction.

Details to follow on https://t.co/xJ6sPdjQt0 pic.twitter.com/TA3a2WpufR

— ABS-CBN News (@ABSCBNNews) February 22, 2024

Continuity of Sky Cable Services

Assuring its subscribers, Sky Cable conveyed that its cable TV services will continue uninterrupted. Subscribers were informed that they can maintain their existing subscriptions without any changes.

Unaffected SkyFiber Internet Service

While the cable TV aspect sees changes, Sky’s internet broadband service, SKYFiber, remains unaffected by the decision. The continuity of SKYFiber services is assured amid the alteration in the sale agreement.

The decision not to proceed with the sale marks a significant development in the business relationships between ABS-CBN Corp and PLDT Inc. The mutual understanding reflects the complexities and considerations involved in such corporate transactions. Subscribers of Sky Cable can find reassurance in the continuation of their cable TV services, while SKYFiber users remain unaffected by the decision, enjoying an uninterrupted internet broadband service.