ABS-CBN Corp. has teamed up with Ayala Malls to launch a tent venue in the newly-opened Ayala Malls Vertis complex in Quezon City.
ABS-CBN Vertis Tent will be available for special events, live shows, product launches, exhibits and concerts within the fourth quarter of 2017.
The tent will have a a seating capacity of 1,200 people.
ABS-CBN head of business development Paolo Pineda welcomed the new venture with Ayala Malls, which has been a partner of ABS-CBN in bringing its content and stars closer to the public.
“Ayala Malls has been one of our strongest partners for our events, programs and movies. Our events in selected Ayala Malls have always generated thousands of attendees,” Pineda said.
“Last year, we also signed a lease agreement with Trinoma, an Ayala Mall, for our first ever experience store. This tent is another first for ABS-CBN, thus strengthening our partnership even more,” he added.
The Ayala Malls Group also welcomed the new project with ABS-CBN.
“We are pleased to be able to provide the Filipino consumers a place to meet their favorite stars and celebrities. The ABS-CBN Vertis Tent will also be open to private functions for individuals who need a big venue north of Metro Manila,” Rowena Tomeldan, president of AyalaLand Malls Inc. said.
“We are excited to be a part of wonderful memories created by this new venue,” she said.
The country’s largest media and entertainment company earlier reported a net profit of P314 million in the January-to-March period, down 59 percent from P761 million year-on-year.
ABS-CBN generated consolidated revenues of P9.6 billion from advertising and consumer sales, down 3.2 percent from P9.89 billion a year ago.
Advertising revenues fell 13.4 percent to P4.84 billion from P5.58 billion due to the absence of election related advertising placements in the first quarter of 2017.
Excluding election related placements, advertising revenue is up 1 percent year-on-year.
Consumer sales increased 10 percent to P4.7 billion from P4.30 billion mainly resulting from the sale of ABS-CBN TVPlus and higher revenue from Sky Cable’s broadband business.