Lopezes Pouring In P2.2 B To Aid ABS-CBN Recovery
“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,” Eugenio “Gabby” Lopez III said.
The three branches of the Lopez family majority are set to invest P2.2 billion in ABS-CBN Corp. to help the media company meet obligations to long-serving employees and support its recovery plans.
“ABS-CBN has been part of this family for generations,” Eugenio “Gabby” Lopez III said in a statement on Wednesday, Aug. 12, on behalf of the family members.
“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,” he said.
The investment will be made by the three branches of the Lopez family majority, comprising Crème Investment Corp., Mantes Corp. and Presta Holdings Co. Inc.
The funds will come from their personal resources.
Details surrounding the investment are to be finalized with ABS-CBN.
ABS-CBN net loss expanded by 63 percent to P813 million in the first quarter from P500 million a year ago, due to the absence of election placements and slower economic growth.
ABS-CBN’s financial decline can be traced back to 2020 when Congress denied its franchise renewal at the height of the pandemic.
The Lopez-led network is confident of recovery in the remaining quarters of 2026, banking on the showing of a new movie starring a popular love team and a world tour by girl group BINI.
Crème Investment, the holding company through which Gabby’s branch of the family owns a 25.7-percent stake in Lopez Inc., the holding company of the Lopez Group, has recently completed the sale of that shareholding to tycoon Ramon Ang.
Gabby earlier said he sold for two reasons: “The first is my family. This dispute has not been good for any of us, or for the people who work in our companies. This allows us to take a step towards the restoration of family peace.”
“The second is that it allows me to channel our family’s resources into businesses aligned with our personal mission. We will announce more on this in due time. Our families have known Ramon a long time. I am confident he will be a good partner to Lopez Inc.,” he said.
