PLDT Inc. and ABS-CBN Corp. have called off their P6.75-billion deal to sell Sky Cable Corp. to the telco giant, according to a disclosure on Thursday.
The two companies said they have mutually decided not to proceed with the sale of Sky Cable, the cable TV arm of ABS-CBN, under the agreement they signed in March 2023.
The deal, which was approved by the Philippine Competition Commission last month, was supposed to be completed by February 26. Sky Cable also scheduled its final broadcast and sign-off on that day.
No reason was given for the cancellation of the deal, which would have given PLDT access to Sky Cable’s broadband and pay TV assets and subscribers.
The disclosure said that the cable TV subscriptions of existing Sky Cable customers will continue as the sale transaction falls through.
Sky Cable is one of the leading cable TV and broadband providers in the country, under ABS-CBN.
PLDT, which operates Cignal TV, is the largest telco company in the Philippines, offering fixed-line, wireless, and digital services to millions of customers nationwide.
