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PLDT-Sky Cable merger unplugged
The Philippine Star
|February 23, 2024
Telco giant PLDT Inc. will no longer pursue its P6.75-billion buyout of Sky Cable Corp., marking the second time a deal between the two was called off.
PLDT and ABS-CBN Corp. yesterday announced they are abandoning the sale and purchase agreement they signed last year, in a surprise turn for a transaction that was making progress.
Sky Cable will thus be able to retain its cable TV segment to benefit its subscribers, and the company will also maintain Sky Fiber, its broadband service, in its fold.
Sky Cable was supposed to close its pay TV business on Feb. 26 as part of its sale to PLDT. With that deal now terminated, ABS-CBN said customers who opted to stay with Sky Cable can keep their subscriptions.
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