Lopez Family Pours P2.2 Billion into ABS-CBN for Recovery
ABS-CBN Corp. will receive a P2.2 billion investment from three branches of the Lopez family majority to meet obligations to long-serving employees and support its recovery plans. The media giant has faced financial challenges since its franchise renewal was denied in 2020.
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- Lopez Family Majority to Invest P2.2 Billion in ABS-CBN for Recovery
The Lopez family majority is injecting P2.2 billion (approximately $38 million) into ABS-CBN Corp. to bolster its recovery plans and meet obligations to long-serving employees. This move follows the recent entry of businessman Ramon Ang into Lopez Inc., a development seen as positive by market analysts.
- Lopez Family Pours P2.2 Billion into ABS-CBN for Recovery
ABS-CBN Corp. will receive an additional P2.2 billion investment from three major branches of the Lopez family. The funds are earmarked to meet obligations to long-serving employees and support the media company's recovery plans.