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Media & Entertainment

Philippine TV network shuttered by Duterte buys into rival channel

ABS-CBN gets platform to air shows with 35% stake purchase in TV5

Leading Philippine broadcaster ABS-CBN lost its broadcast license in 2020 after then-President Rodrigo Duterte slammed it for failing to air some of his campaign ads.    © Reuters

MANILA -- ABS-CBN, the Philippines' largest TV network before President Rodrigo Duterte ordered its closure two years ago, will buy a 35% stake in TV5 for 2.16 billion pesos ($38.9 million), the companies announced on Thursday.

The alliance by the two major broadcasters is the latest example of the restructuring taking place in the Philippine media industry, where companies have faced growing pressure from politicians.

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