ABS-CBN Corporation announced on Thursday that it has reached an agreement with Ayala Land Inc. (ALI) for the sale of a portion of its property in Quezon City for P6.20 billion.
The media giant disclosed that it has signed a Memorandum of Agreement for the sale of 30,000 square meters of its property, out of the total 44,027.30 square meters.
"ABS-CBN will be consolidating its operations in the remaining 1.4 hectares of the Quezon City Property. Proceeds of the sale of property will be used to partially pre-pay its outstanding bank loans," ABS-CBN said.
ABS-CBN’s headquarters is home to several buildings, including production facilities. The company will consolidate its operations, including offices and studios, in the portion of the property it will retain.
Furthermore, the agreement is contingent on meeting several conditions, including clearance from the Philippine Competition Commission, if applicable.
Meanwhile, the sale takes place alongside a renewed effort in the House of Representatives to revive ABS-CBN’s franchise.
In the wake of losing its franchise, ABS-CBN has embraced digital content creation, making its productions available on different streaming platforms and working with competitor networks.
