ABS-CBN, the parent company of Sky Cable, announced that the Philippine Competition Commission (PCC) has allowed PLDT to buy the said business.

The former media giant said that they got the regulator’s approval last January 19, Friday. 

However, the PCC said that while they allowed the sale, the said deal is still subject  to a number of closing conditions.

Just last Wednesday, January 17, PLDT said that “Once the approval of the PCC is obtained, the sellers will continue to work on the other closing conditions which include, among others, the termination or cessation of Sky’s pay TV and cable businesses, obtaining all other applicable government approvals and clearances, and obtaining all required consents and corporate actions.”

Currently, PLDT has Cignal TV, which is the business of providing paid television.

“Obtaining the closing conditions is necessary for the implementation of the Proposed Transaction,” PLDT said.

ABS-CBN said that PLDT will acquire 100% of Sky Cable’s total issued and outstanding capital stock consisting of 1.3 billion common shares for a total of P6.75 billion or P4.90 per share.

In 2020 and 2022, PLDT tried to acquire Sky Cable, but such attempts failed due to antitrust concerns.

In 2022, Cignal TV said they attempted to buy 38.9% of Sky Cable for P2.86 billion. 

It was scrapped thoughdue to political pressure, which coincided with the now canceled landmark deal that was supposed to consolidate the media resources of ABS-CBN and TV5.

ABS-CBN previously said the sale was a “strategic decision” to maintain competitiveness, and settle and fund its retirement obligations to employees.