ABS-CBN to redevelop Quezon City property

MANILA, Philippines — Lopez-led ABS-CBN Corp. plans to redevelop its property in Quezon City, as the company focuses on creating digital content.

In a regulatory filing, ABS-CBN said that it is negotiating with several property developers, such as Rockwell Land, for the possible redevelopment of its headquarters in Quezon City.

However, ABS-CBN said that it has yet to close a deal for the redevelopment plan and that it has started exploring that option even prior to the pandemic.

“ABS-CBN has been in discussions with real estate developers, including Rockwell Land, even prior to the start of the pandemic for possible redevelopment of ABS-CBN’s property in Quezon City. No deal has been agreed upon at this time,” ABS-CBN said.

Last week, ABS-CBN head of TV production Laurenti Dyogi said the company plans to move on from its removal from free TV in 2020. Back then, Congress denied ABS-CBN’s bid to renew its legislative franchise despite the network’s compliance with state requirements.

Dyogi said  ABS-CBN no longer considers itself a TV network, but a media firm that creates content for various platforms with the entry of its materials in international channels like Netflix, Spotify, Viu and Warner.

With this, Dyogi recognized that GMA Network Inc. is now the leader of free TV, especially as ABS-CBN has shifted its focus on content partnership and digital production.

In 2022,  ABS-CBN president and CEO Carlo Katigbak informed shareholders that the Lopez-led firm may no longer pursue a franchise on free TV even under the new administration.

“The filing of a franchise bill is initiated by a member of the Congress, not by ABS-CBN, but we understand at present there has been a franchise bill filed. However, at this time, we have yet to decide whether a new franchise is aligned with our strategic plans,” Katigbak said.

As part of its rebranding, ABS-CBN has signed international deals to air its shows and stream its music overseas. In January the firm entered into a global publishing agreement with the domestic subsidiary of Warner Music Group.

The deal seeks to open an avenue for Filipino composers to go into the foreign market, as Warner Chappell Music will be granted access to the entire song catalogue of ABS-CBN.

Likewise, ABS-CBN signed partnerships with Indonesian streaming site PT Vidio Dot Com and Malaysian radio network SYOK of Astro Radio for the the airing of its movies, radio and shows in Southeast Asia.