ABS-CBN Confirms It Is Coming Back to Free TV Starting Oct 10
ABS-CBN has inked an agreement with Zoe Broadcasting Network that paves the way for the Lopez-owned network to return to free TV.
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Oscar and Gabby Lopez Resign from Lopz Holdings Corp.
In a statement released on Tuesday, the network said audiences can view some of its entertainment programs on ZBN, which is being rebranded into A2Z Channel 11, starting Saturday, October 10.
ZBN is owned by Jesus is Lord founder Eddie Villanueva.
“ABS-CBN and Zoe are committed to work together to provide entertainment, public service programs, and educational content to the public,” the network said in the statement.
Shares of ABS-CBN surged nearly 50 percent in trading on Monday, October 5, from P7.06 to P10.58, leading the Philippine Stock Exchange to request for a comment from the company.
“The Corporation cannot categorically give a reason for the movement of its stock price,” said Aldrin Cerrado, chief financial officer and compliance officer of ABS-CBN Corp., in a letter dated October 5. “However, we are aware of public speculation that there are initiatives being explored by the Corporation to distribute its content across additional platforms. The Corporation will disclose any initiatives that become definitive in due course.”
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Oscar and Gabby Lopez Resign from Lopz Holdings Corp.
ABS-CBN failed to renew its 25-year congressional franchise earlier this year. It has since laid off hundreds of its employees across its different platforms and subsidiaries. Eugenio “Gabby” Lopez III resigned as ABS-CBN Corp Chairman Emeritus last month. Both he and his uncle, Oscar Lopez, also quit ther post in the family holding company Lopez Holdings Corp. last week.
