MANILA -- An investment deal that would have allowed Philippine TV network ABS-CBN to make a comeback after it was shut down by the government two years ago has collapsed amid fierce scrutiny from politicians.
ABS-CBN on Aug. 10 had agreed to buy a 35% stake in smaller rival TV5 for 2.16 billion pesos ($38.3 million) to revive its business. The deal's termination less than a month later highlights the growing political pressure faced by media companies in the Philippines.
