ABS-CBN Corporation announced the finalization of an agreement to sell a portion of its Quezon City property to Ayala Land Inc. for P6.24 billion. The deal stipulates that the down payment will be held in an escrow account until certain conditions are fulfilled, including approval from the Philippine Competition Commission and the signing of the deed of sale.
The transaction, which involves 30,000 square meters of ABS-CBN's property, is subject to regulatory approval and is part of the company's strategy to consolidate its operations. The remaining 1.4 hectares of the property will be utilized for this purpose.
In terms of financials, ABS-CBN's most recent report showed a decrease in interest-bearing loans and borrowings, totaling P16.315 billion in the first nine months of 2024. Consolidated revenues for the same period amounted to P12.118 billion, reflecting a 10% decline from the previous year.
The company intends to use the proceeds from the property sale to partially reduce its existing bank loans. Furthermore, ABS-CBN posted a net loss of P1.587 billion, an improvement compared to the previous year's loss of P3.331 billion.
