Closing date for the transaction was Wednesday, Oct. 22, at the station’s Makati offices, followed by a private reception for the new owners with the management team of ABC 5.
Former Trade and Industry Secretary Jose T. Pardo is the broadcasting company’s new chairman, while Cojuangco will be the president and chief executive officer.
Regalado D. Galura will be executive vice president and chief operating officer while Ricardo D. Bautista was appointed treasurer.
The Cojuangco group’s entry into Channel 5 is seen as a boon to the television industry, with the network expected to become a major player in Philippine broadcasting.
ABC 5, whose forerunner was closed at the declaration of martial law, resumed operations under a new set of shareholders in February of 1992. It quickly established a reputation as the fastest growing network and an image as innovator with the launch of original program concepts.
Today, 11 years later and under a new set of shareholders, ABC 5 is set to further raise the bar in the broadcast industry.