PLDT's purchase of Sky Cable canceled

PLDT’s purchase of Sky Cable will no longer push through. 

"ABS-CBN Corporation and PLDT have mutually decided not to proceed with the sale of Sky Cable to PLDT under the Sale and Purchase Agreement signed by and among the parties in March 2023," ABS-CBN Corporation, Sky Cable's parent company, said in a disclosure to the stock exchange.

In turn, Sky Cable notified subscribers that their cable television service will continue beyond Feb. 26. "SKY's broadband internet service,
SKY Fiber remains unaffected," it said in a statement.

"We remain committed to providing the same level of customer experience and service for both our cable and internet services," Sky Cable added.

The Philippine Competition Commission earlier approved the sale.

PLDT, which also owns pay television Cignal TV, was supposed to acquire 100% of Sky’s outstanding capital stock worth 1.3 billion common shares. This amounts to P6.75 billion, or P4.90 per share.

The telco giant said the sale would benefit broadband subscribers of both companies, as it would boost the coverage in remote areas.

The transaction began in March 2023 and in January 2024 was still subject to several closing conditions, including terminating Sky’s pay television and cable businesses, securing other applicable government approvals and clearances, and getting all required consents and corporate actions.