ABS-CBN has confirmed receiving TV5’s notice of termination for their TV Content Supply Agreement, a development the network says comes at a difficult point in its ongoing recovery following the loss of its broadcast franchise.
In its statement, ABS-CBN clarified that contrary to circulating reports, the amounts and nature of TV5’s claims remain disputed. The network said it acknowledges its obligations and is working to settle them, adding that it has asked for more time and is now acting urgently within the 30-day period given by TV5.
ABS-CBN stressed that accusations of willfully delaying payments are untrue, emphasizing the financial strain caused by circumstances “beyond our control.” The company cited its shutdown in May 2020 after the NTC’s cease-and-desist order, followed by the denial of its franchise renewal by the House of Representatives—events that drastically cut its revenues and forced it to operate at a loss.
Despite these challenges, ABS-CBN noted that its shift toward becoming a “storytelling company” has shown steady improvement, though not yet enough to achieve full financial turnaround.
The network also assured audiences that, should the partnership with TV5 end, it will find alternative ways to deliver its content, reaffirming its commitment to continue serving its viewers.
ABS-CBN thanked its employees, artists, advertisers, and supporters, promising to release further updates as the situation develops.
