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End of the road for ABS-CBN family – Francis Lim

The former Philippine Stock Exchange president sees the killing of ABS-CBN Corp.’s franchise in Congress as the final nail in the coffin of the media giant.

“It seems to be end of the road for ABS-CBN family,” said Francis Lim, who is also the president of the Management Association of the Philippines, in an interview with ANC.

“You have to be practical about it, I don’t see a new bill being granted by this Congress…it’s virtually over for ABS-CBN Group,” he added.

The House committee on legislative franchises overwhelmingly rejected ABS-CBN’s bid for a new franchise (after its old one expired on May 4) – 70 to 11 with one abstention and two inhibitions.

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