Wednesday 20 November
Apr 25, 2019 @ 15:40

Shareholders greenlight ABS-CBN’s entry into food, cosmetics, ecommerce


Change isn’t always easy but sometimes necessary.

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Given a highly competitive and rapidly shifting media landscape, the Lopez family’s ABS-CBN Corp. is building new revenue streams to ensure its continued growth.

ABS-CBN shareholders approved today the company’s diversification into the beauty, restaurant, and e-payment businesses.

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For the e-wallet service, the media conglomerate is investing P51 million in a joint venture with iBayad Online Ventures.

The new corporation will have an initial capitalization of nitially P100 million.

ABS-CBN sells 7M TVPlus boxes

The cosmetics venture, on the ther hand, will be in partnership with businessman Dioceldo Sy’s Ever Bilena.

ABS-CBN and Ever Bilena Cosmetics, Inc. are setting up a new company with an initial authorized capital of P10 million. The 50/50 joint venture shall engage in the business of production and sale of affordable and good quality cosmetic products.

ABS-CBN and Ever Bilena agreed to complete conceptualization and launch commercial operations in 54 to 76 weeks.

ABS-CBN partners with Globe, Smart for affordable streaming of shows, movies

As for the food business, ABS-CBN shall form a new company to be called
The Chosen Bun Inc. which shall manufacture and package all kinds of food products and establish and operate, restaurants, coffee shops, and refreshments parlors.

ABS-CBN to open Hollywood-like production hub

Initially capitalized at P1 million, The Chosen Bun will offer healthy and affordable products.

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