Three branches of the Lopez family have announced a PHP2.2-billion personal investment in ABS-CBN Corporation, a move that coincides with a significant transition for the network following the recent sale of Eugenio "Gabby" Lopez III’s stake in Lopez Inc. to businessman Ramon Ang.
The capital infusion, drawn entirely from the private resources of the family majority, is specifically earmarked to address obligations to the company's long-serving employees and to bolster ABS-CBN's broader strategic goals.
The investment firms Crème Investment Corporation, Mantes Corporation, and Presta Holdings Company Inc. will handle the additional investment.
Creme Investment represents the family branch of former Gabby Lopez.
The Mantes Corporation is tied to the Manolo Lopez branch, while Presta Holdings is connected to the heirs of Prescy Lopez.
Read: Ramon Ang acquires Gabby Lopez’s stake in Lopez Inc.
GABBY LOPEZ REITERATES ITS COMMITMENT TO ABS-CBN
While the details surrounding the investment are yet to be finalized with ABS-CBN, Gabby Lopez is reiterating his commitment to the 80-year-old network.
"ABS-CBN has been part of this family for generations. The mission my father set out to pursue remains the heartbeat of this family — to be in the service of the Filipino. We are putting our own money behind this conviction,” said the former ABS-CBN chairman.
It can be recalled that in March of this year, this 2-billion-peso capital investment was rumored to have been blocked by Lopez Inc President Federico “Piki” Lopez, a decision that has exacerbated the rift within the Lopez family.
Reports during this period mentioned Piki Lopez’s reservations with how the funds will be used to stabilize the media network, which has struggled financially since losing its broadcast franchise in 2020.
Read: ABS-CBN denounces "PR attacks" vs network amid family dispute