Media giant ABS-CBN Corp. has received regulatory approval to change its registered address to a smaller property, as it finalizes the transfer of its former headquarters in Quezon City to Ayala Land Inc. (ALI), according to a report by Philstar Biz.
The move follows ABS-CBN's ongoing restructuring after it failed to secure a new legislative franchise in 2020, leading to significant asset sales. The company earlier disclosed plans to sell its 44,000-square-meter property in Quezon City to ALI for approximately P5.15 billion as part of its debt-reduction strategy.
ALI, the property arm of the Ayala Group, is expected to develop the prime lot into a mixed-use community. ABS-CBN, meanwhile, will relocate its operations to a smaller leased facility as it pivots to digital and content production.