ABS-CBN Corp. has sold a significant portion of its Quezon City property to Ayala Land Inc., one of the country’s largest property developers, for P6.24 billion.
The sale involves 3 hectares of a 4.4-hectare property, priced at approximately P208,000 per square meter. According to ABS-CBN, the proceeds will be used to partially prepay outstanding bank loans.
ABS-CBN will consolidate its operations on the remaining 1.4 hectares, which include the company’s broadcast studios, production facilities, transmitter, and other offices.
The company has faced financial challenges since its broadcasting franchise expired in May 2020 and was not renewed by Congress, leading to significant operational setbacks.
The sale is contingent on certain conditions, including approval from the Philippine Competition Commission, before it can be finalized.
Ayala Land will pay the purchase price in installments, with the down payment placed in an escrow account. ABS-CBN will receive the funds once certain conditions are met and the Deed of Absolute Sale is signed. The balance will be paid over a period of 10 years.
