The supposed deal that would have PLDT, Inc. (Philippine Long Distance Telephone Company) buying Sky Cable Corporation is no longer happening, said ABS-CBN Corp. In this deal, Sky Cable, a known cable TV and internet company in the Philippines would join the more known telco giant, with the initial deal drafted by both companies in 2023.
The specifics of what happened in this update were not revealed by ABS-CBN Corp., only saying that it was a mutual decision from both sides.
ABS-CBN Corp.'s Sky Cable Deal with PLDT No Longer Selling
ABS-CBN News announced via their Facebook page a massive update regarding the Sky Cable Corp.'s sale to PLDT, a company owned by the First Pacific Company under business mogul Manuel V. Pangilinan. It was recently revealed by the ABS-CBN Corp. in a stock exchange disclosure that this deal will no longer push through, being a mutual decision from all parties.
According to ABS-CBN News, after the decision on Thursday, February 22, Sky Cable already notified its cable TV subscribers that their subscriptions to the service could continue.
Sky Cable is also known for providing internet services, with bundles including its cable TV offers to the Filipino community.
Sky Cable-PLDT Deal Fell Through, But Why?
ABS-CBN Corp. and the First Pacific Company did not reveal the reason behind their withdrawal from the deal that would have sold Sky Cable Corp. to PLDT.
It is known that back in March 2023, a Sale and Purchase Agreement was signed by ABS-CBN and PLDT regarding the Sky Cable deal.
Philippine Telco and Media Companies
Telecommunications and the internet saw a significant ramp-up in the Philippines in recent years, with top companies and renowned conglomerates known for their operations in the country. One of the startups that made headway on Fiber internet years ago, Converge, recently partnered with the Department of Information and Communications Technology (DICT) to provide free WiFi to Ilocos and La Union municipalities.
Moreover, it is known that Elon Musk's Starlink reached the Southeast Asian archipelago in 2022, providing the renowned satellite internet service to the region. The National Telecommunications Commission (NTC) gave the go signal to SpaceX and Starlink back in 2022 to bring their high-speed, satellite-based connections to the country, empowering its connections and internet performance.
Two of the top telcos in the Philippines, both known for their ties to media companies signed a deal last year for the possible sale of Sky Cable Corp. to PLDT, one that could have brought significant connections and better reach for all Filipinos. However, this deal did not push through, with both sides having a mutual agreement on ending the deal, going their separate ways in their services now.
