Business

Lopez Group says no decision to sell cable unit

The Lopez family said it has not decided to sell its cable TV subsidiary SkyCable.

BILYONARYO earlier reported that Converge ICT chief executive officer Dennis Anthony Uy, DITO Telecommunity majority owner Dennis Uy, the Ayalas, who run Globe Telecoms; and the MVP Group,had expressed interest in taking over SkyCable.

“SkyCable has not solicited this bid to sell the company, nor has ABS-CBN made any decision with regard to a divestment of SkyCable,” ABS-CBN said in a regulatory filing.

BILYONARYO sources earlier said the Lopez family was considering putting its cable, broadband and direct-to-him satellite businesses on the auction block following the loss of its franchise.

SkyCable has 500,000 subscribers for cable, 300,000 for broadband and 1.5 million for DTH satellite.

Telco giant PLDT Inc. confirmed that it is considering a bid for SkyCable, one of the prized assets of the Lopez family, but said nothing is certain at this point.

“PLDT regularly explores opportunities available to the group that may complement our overall business strategy. As such, PLDT is evaluating options with respect to SkyCable for possible opportunities. However, there is nothing definite nor disclosable at this time,” it told the Philippine Stock Exchange.

The MVP-Salim Group owns Cignal TV, the country’s leading direct-to-home satellite television and main rival of SkyCable, and PLDT-Smart.

A successful takeover by the MVP Group of SkyCable will result in a virtual monopoly of the cable-satellite TV market.

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