ABS-CBN sells portion of Quezon City property to Ayala Land

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Facilities needed for ABS-CBN's operations will be consolidated in the remaining 1.4 hectare property it will retain

MANILA, Philippines – ABS-CBN is bidding goodbye to a portion of its iconic property in Quezon City.

On Thursday, February 27, the media giant reported it signed a memorandum of agreement (MOA) with Ayala Land, Inc. for the sale of 30,000 square meters (sqm) of its 44,027 sqm property.

Proceeds of the P6.2 billion sale will pre-pay ABS-CBN’s outstanding bank loans. This is approximately P208,023 per sqm, payable in installments over 10 years.

Facilities needed for ABS-CBN’s operations, such as offices and production spaces, will be consolidated in the remaining 1.4 hectare property it will retain.

ABS-CBN and Ayala Land said in separate disclosures to the Philippine Stock Exchange that the deal is subject to clearance of the Philippine Competition Commission and other agencies.

The sale comes after a renewed bid at the House of Representatives to revive ABS-CBN’s franchise.

The lower chamber under former president Rodrigo Duterte denied ABS-CBN’s franchise renewal in 2020.

Duterte’s grudge towards ABS-CBN over the airing of anti-Duterte ads on the network in the 2016 elections is believed to be the reason for the franchise denial.

Local and international press freedom watchdogs saw the franchise denial as an attack on press freedom.

Since the loss of its franchise, ABS-CBN has shifted to digital content creation by distributing its productions to various streaming platforms and collaborating with its rival networks.

The Lopez-owned media giant posted a net loss of over P2 billion in the first nine months of 2024. – Rappler.com