ABC chairman Jose Pardo told The STAR that P400 million will immediately be spent in investing in state-of-the-art broadcasting facilities while another P1 billion will be used next year.mission power. "And we are increasing it even more within next year," they added. The STAR also learned that ABC 5 is now negotiating to transfer its facilities from its current location in Novaliches to Makati City.
The amount will be sourced from a combination of equity and borrowings that will be arranged by a syndicate of banks led by Bank of Commerce, owned by businessman Antonio O. Cojuangco who last year bought the TV station from the group of Edward Tan. Cojuangco’s consortium is said to have paid P2 billion in cash for the network.
ABC 5 is also set to sign a memorandum of agreement with Echostar, the largest direct-to-home (DTH) satellite television company in the US, to able to telecast its programs in America. Company officials explained that ABC 5 will have its own channel in Echostar’s programming.
They pointed out that unlike ABS-CBN’s The Filipino Channel which is sold separately to viewers in the US (subscribers have to buy a separate box in addition to their cable TV subscription), current subscribers of Echostar will not have to pay additional to be able to watch ABC 5 programs very soon.
The network has likewise entered into a partnership with Radio Mindanao Network (RMN) wherein the former will provide content such as news programs which will be simulcast in RMN partner radio stations.
Officials said that ABC 5 has now grabbed the number three spot in the television industry next to ABS-CBN and GMA 7 and edging out Studio 23. "We are now aiming to be a strong number three and eventually become number two," they revealed.
Cojuangco, ABC 5 president and CEO, earlier said he would not be spending this much money for the network if he was not serious about making it big in the industry. The former PLDT chairman is now spending all his working hours for the company.
They explained that ABC 5’s phenomenal rise which came about after Cojuangco bought the company late last year was largely due to the network having bagged the contract to exclusively air the Philippine Basketball Association (PBA) games beginning last February.
The networking between Dream Broadcasting Corp., the country’s lone DTH company, and ABC 5 is also said to have boosted the profitability of the two firms. Dream is also owned by Cojuangco.
During the network’s relaunch last Friday, company officials also revealed various new programs that aim to increase viewership. ABC 5 will soon be airing American Idol, a hugely popular program in the US and in the Philippines (currently being shown to cable TV subscribers) and Crouching Tiger, Hidden Dragon: The Series as well as several popular Asian programs. Its news program The Big News will also have a new format in Filipino.