QUEZON CITY, Philippines – ABS-CBN Corporation has signed a Memorandum of Agreement (MOA) with Ayala Land, Inc. for the sale of a significant portion of its land property in Quezon City.
The deal, finalized on February 27, 2025, involves the sale of 30,000 square meters out of the total 44,027.30-square-meter property, with a total purchase price of ₱6,240,717,310.
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The transaction is subject to regulatory approvals, including clearance from the Philippine Competition Commission (PCC). The sale will be made on an installment basis.
Consolidation and Debt Repayment
ABS-CBN plans to consolidate its operations within the remaining 1.4 hectares (14,027.30 sqm) of the property. The proceeds from the sale will be used to partially prepay the company's outstanding bank loans.
The property being sold houses several buildings, including production facilities. Meanwhile, ABS-CBN's offices and studios will be retained within the portion of the property that remains under its ownership.
Ayala Land's Expansion in Quezon City
Ayala Land, one of the country's leading real estate developers, has not yet disclosed its specific plans for the acquired property. However, the strategic location of the ABS-CBN property, near major business and entertainment hubs, presents potential for commercial or mixed-use development.
The sale marks a significant move for ABS-CBN, which has been streamlining its operations in recent years following financial challenges brought about by the non-renewal of its broadcast franchise in 2020 and the impact of the COVID-19 pandemic.
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