ABS-CBN abandons bid for new franchise

Multi-media giant ABS-CBN Corp. is no longer pursuing a new congressional franchise to return to the broadcasting industry but will instead focus on the business of providing content, with which it expects to finally bounce back to profitability this year.

- JAMES A. LOYOLA

"Even if Congress granted the franchise to ABS-CBN, we would not be able to rebuild our former national network, because all the frequencies we used to transmit have already been granted to other broadcasters," ABS-CBN President and Chief Executive Officer (CEO) Carlo L. Katigbak said during the firm's annual stockholders' meeting held online on Thursday, June 26.

He noted that, "any solution that allows us to become a broadcaster again will require not just the franchise, but the return of the frequencies that we used to use."