ABS-CBN Shutdown Wipes Out Half of Oscar Lopez's Fortune, While GMA-7's Felipe Gozon Earns Millions
The wealth of ABS-CBN Corporation owner Oscar Lopez has been cut in half following ABS-CBN’s shutdown. Meanwhile, the head of ABS-CBN’s competitor GMA-7, Felipe Gozon, has earned millions in 2020 with its competitor now off air.
Who is Oscar Lopez of ABS-CBN and Lopez Holdings?
Oscar Lopez, 90, is the chairman emeritus of Lopez Holdings, a majority shareholder of ABS-CBN Corp., and a scion of the prominent Lopez clan.
Lopez’ wealth is now estimated to be $240 million (P11.6 billion), down 48 percent from his estimated wealth of $460 million (P22.3 billion) in 2019. Down 5 spots from 2019, Lopez now ranks as the 32nd richest Filipino, as per Forbes’ Philippines’ 50 Richest list of 2020.
Oscar is the brother of Eugenio “Geny” Lopez Jr., the former chairman of ABS-CBN Corp. who was imprisoned during Martial Law. Eugenio’s son, Eugenio “Gabby” Lopez III, is currently chairman emeritus of ABS-CBN Corp and vice chairman of Lopez Holdings. Oscar and Geny’s brother Manuel, 77, is currently chairman and CEO of Lopez Holdings.
The subsidiaries of Lopez Holdings include ABS-CBN, SkyCable, Meralco, Rockwell Land, and First Philippine Holdings Corp., which manages the family’s interests in power, manufacturing, and infrastructure. However, according to Forbes, ABS-CBN is the main source of revenues for Lopez Holdings.
Who is Felipe Gozon of GMA-7?
While Lopez’ net worth took a hit, Atty. Felipe L. Gozon’s wealth jumped in 2020. ABS-CBN’s rival station GMA-7 no doubt benefited from the lack of a franchise on the Kapamilya network.
Gozon, the chairman and CEO of GMA-7, is currently worth $170 million (P8.2 billion), up 17 percent from his net worth of $145 million (P7 billion) in 2019. As a result, from 46th spot last year, Gozon's ranking climbed to 42nd place in the Philippines' rich list. Gozon is one of the few businessmen on the Forbes list that made gains despite the COVID-19 pandemic.
He is currently chairman and CEO of GMA-7, which he runs with brother-in-law Menardo Jimenez, a former president of GMA-7. Gozon’s daughter, Anna Teresa M. Gozon, is also a director on the board.
Jimenez and the Gozons are the top shareholders of GMA-7.
Although Jimenez’s rank rose on the list to the 47th spot this year, from 50th place in 2019, his wealth was reduced by 4 percent. From $130 million (P6.3 billion) in 2019, Jimenez's wealth is now $125 million (P6.06 billion) "due to some share sales," according to Forbes.
Who are the Top 10 Richest Filipinos?
The Philippines’ 50 Richest list of 2020 was again led by the six heirs of the late Henry Sy Sr. (1924-2019). The Sy siblings, considered one entity on the list, have a total wealth of $13.9 billion (P674 billion), with combined stakes in SM Investments, SM Prime, and other businesses.
Politician-turned-business tycoon Manuel Villar was second to the Sys, with a fortune of $5 billion (P243 billion). Villar, 70, is the chairman of Vista Land & Landscapes and Vista Mall. His wife is Cynthia Villar, currently the wealthiest incumbent senator of the Philippines.
In third place is Enrique Razon Jr., 60, the chairman of International Container Terminal Services, Inc., with a net worth of $4.3 billion (P209 billion). Known as the ports king, Razon is a third generation scion of the Razon family that has expanded its ports business globally.
The Gokongwei siblings came in fourth, with a combined net worth of $4.1 billion (PHP199 billion). The six siblings inherited the wealth and businesses of their late father, John Gokongwei Jr. (1926-2019), who passed away last year. JG Summit Holdings Inc. is now being run by John’s son Lance.
Jaime Zobel de Ayala, 86, of Ayala Group is in fifth place, with a net worth of $3.6 billion (PHP175 billion). Jaime is currently the chairman emeritus of Ayala Corp, while his sons Jaime Augusto Zobel de Ayala and Fernando Zobel de Ayala run the family business as CEO and COO, respectively.
Following the top five are: Andrew Tan (Alliance Global) with $2.3 billion (P116 billion), followed by Lucio Tan (LT Group) with $2.2 billion (P107 billion); Ramon Ang (San Miguel Corporation) with $2 billion (P97 billion); Tony Tan Caktiong (Jollibee Foods Corporation) with $1.9 billion (P92 billion); and Lucio and Susan Co (Puregold Price Club) with a $1.7 billion (P82.4 billion) net worth.
This story originally appeared on Pep.ph. The story has been translated to English with additional reporting from Esquiremag.ph editors.