MANILA -- A company controlled by the family of Manuel Villar, the Philippines' richest man and an ally of President Rodrigo Duterte, has been allowed to take over the broadcast frequencies previously held by ABS-CBN, formerly the country's largest TV network.
ABS-CBN was shut down after infuriating Duterte, and its shares plunged 10% on Wednesday as the move by a state regulator appears to have dashed the hopes of investors who had bet that the broadcaster would recover after a new administration is inaugurated in June.
