ABS-CBN Corp. on Monday denied a report that its management is being turned over to Manuel V. Pangilinan-led MediaQuest Holdings, Inc., saying there are no discussions on such an arrangement. The company issued the statement in response to a report by BusinessWorld.
The company said the report is 'not accurate' and that there have been no discussions with Mr. Ramon S. Ang or Mr. Pangilinan on turning over the management of ABS-CBN. The denial comes amid persistent speculation about the future of the country’s largest media network.
The denial follows years of regulatory challenges for ABS-CBN, including the denial of its legislative franchise in 2020, which forced the network to shift operations to digital and other platforms. MediaQuest, meanwhile, operates major television and radio assets in the country.