ABS-CBN Sees Return to Profit in 18 Months

Media giant ABS-CBN Corp. expects to return to profit within 18 months, gaining from the success of the films and shows it is producing and the cost-cutting measures it is pursuing.

- By ELIJAH FELICE ROSALES

The network that almost died from its franchise loss five years ago is now expected to bring down its group-wide debt to below P13 billion this year, primarily through proceeds from the sale of its Quezon City property.

At the company's annual stockholders meeting, ABS-CBN president and CEO Carlo Katigbak said finances are starting to turn around for the company that was denied a fresh congressional franchise in 2020.

ABS-CBN's debts rose to as high as P21 billion, marked by demand slowdown during the pandemic and worsened by its forced exit on free TV. But since then, it has tried to survive by producing films, music and shows for partners here and abroad.