PLDT Inc. said Thursday it has called off a P6.75-billion deal with ABS-CBN Corp. for the acquisition of the broadband business Sky Cable Corp., the second time PLDT has opted out of an agreement involving the cable TV and broadband service company.
PLDT and ABS-CBN “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,” the listed telecom firm told the Philippine Stock Exchange.
The bulk of the payment, or P6.35 billion, was supposed to be paid by PLDT upon closing of the transaction, while the balance of P405 million will be settled once the Bureau of Internal Revenue clears the deal.
As part of the deal, Sky Cable will have to end its pay TV and cable operations. Sky Cable has announced it is ending its broadcast next week.
But with the deal being called off, ABS-CBN announced Thursday that Sky Cable will continue its cable television service beyond Feb. 26–the day it was supposed to go off air as part of the deal with PLDT.
Meanwhile, Sky Cable’s broadband Internet service will remain unaffected by the latest development, said ABS-CBN.
