Based on ABS-CBN’s stock performance, Duterte has indeed brought down the former media giant and “kingmaker” to its knees as its owners refused to sell the company amid public pressure and since he took power in 2016.
ABS-CBN shares closed at P10.36 on July 23, its first day of trading since it was suspended on July 13 following the congressional committee’s 70-11 vote to reject ABS-CBN’s franchise application.
This means ABS-CBN has incurred P43 billion in paper losses under Duterte as its market capitalization shrunk from P52 billion on Duterte’s first day in office in July 2016 to P8.9 billion on its first day of trading without a franchise.
ABS-CBN preferred shares closed at P9.10 on July 23, or just a fifth of what these shares were worth (P48.20) on July 1.
Emboldened by the rejection of ABS-CBN’s franchise, Duterte’s allies in Congress have revealed their plans to evict the Lopezes from their Mother Ignacia headquarters and stop ABS-CBN’s broadcast on Sky Cable as the administration continues to put the squeeze on the Lopezes to sell out.
Will the Lopezes, who plan to keep ABS-CBN wait for two years in the hope that the next administration will be friendlier to their cause in 2022, give in? Stay tuned!