ABS-CBN sells portion of QC property to Ayala Land
ABS-CBN has finalized the sale of 30,000 sqm. of its 44,027.30 sqm. Quezon City property to Ayala Land, ABS-CBN News reported.
The Lopez-owned property will be sold for P6.2 billion, paid in installments, according to an agreement signed by ABS-CBN Corporation and ALI on Thursday, Feb. 27.
The funds from the property sale will be used to make a partial prepayment on the company's "outstanding bank loans."
Nonetheless, the company plans to retain the remaining 1.4 hectares of its QC property to consolidate its operations, including offices and studios.
The Kapamilya network stopped its TV and radio broadcasting operations on May 5, 2020, at exactly 7:52 p.m., after the National Telecommunications Communication issued a cease-and-desist order to ABS-CBN following the expiration of its 25-year legislative franchise.
Meanwhile, in August 2020, after Congress denied its franchise application, ABS-CBN shut down its TV Patrol regional stations. Reports say ABS-CBN laid off over 4,000 workers because of the shutdown.
