00:01ABS-CBN confirms rumors that TV5 plans to terminate their content supply agreement due to financial problems.
00:09Reports say ABS-CBN owes TV5 1 billion pesos, but ABS-CBN tells the Philippine Stock Exchange in a disclosure, the amount and other details are under dispute.
00:20ABS-CBN denies it willfully delayed payment and asks TV5 for understanding and more time to meet its obligations.
00:28ABS-CBN lost its lucrative broadcast franchise over five years ago when Rodrigo Duterte was president.
00:35Since then, ABS-CBN has pivoted to being a content provider to its former competitors, including TV5 and GMA.
00:42Under the agreement, ABS-CBN was supposed to supply TV5 with shows for its weekday and weekend primetime slots.
00:50But despite the pivot, the company continues to operate at a net loss owing to the shutdown of its broadcast operations.
00:57ABS-CBN says it will find ways to still reach its audience should its partnership with TV5 be terminated.
01:04TV5 says it values its partnership with ABS-CBN, but it needs the money too.
01:09It says ABS-CBN has failed to pay its dues on time or give assurance that it can or will do so.
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