SkyCable Corp. announced that its cable TV business will cease operations on Feb. 27, 2024 after the Philippine Competition Commission (PCC) approved acquisition by PLDT Inc. of the former’s broadband business.
“We would like to inform you that in anticipation of and pursuant to the closing conditions of the PLDT-Sky acquisition deal, SKY will now begin its transition into a dedicated internet service provider,” the company said in an advisory.
“With this deal, the final broadcast and sign-off SkyCable will be on Feb. 26, 2024 at 11:59 p.m.,” it said.
It clarified that for Sky Fiber subscribers, there would be no changes to their subscription rates.
“You will continue to enjoy the same fiber-fast internet service at the same monthly fees,” SkyCable said.
The company said, however, that its Sky Bundle subscription would be converted to a standalone Sky Fiber plan, as bundled subscriptions will no longer be available.
The PCC on Jan. 19 approved the sale of Sky Cable’s broadband business and related assets to PLDT.
ABS-CBN Corp., the parent firm of SkyCable, said the proposed transaction was still subject to a number of closing conditions.
The board of directors of ABS-CBN on March 16, 2023 approved the sale of its interests in Sky Cable directly or indirectly representing 58.7 percent of the outstanding capital stock of Sky Cable.
The total gross proceeds to be received by ABS-CBN from the sale of shares is about P4 billion.
All the other stockholders of Sky Cable, Lopez Inc. and Sky Vision Corp. also agreed to sell their shares in Sky Cable to PLDT.
ABS-CBN said the total purchase price to be paid by PLDT for all the issued and outstanding capital stock of Sky Cable is P6.75 billion.
The proceeds to be received by Sky Vision will be used, among others, to settle its obligations, including its obligations to ABS-CBN,” the company said.
