ABS-CBN Global

News Summary:

Eugenio “Gabby” Lopez III is undertaking a calculated gambit to save financially struggling ABS-CBN Corporation amidst an intra-corporate controversy that has divided the Lopez clan. Earlier on August 20, ABS-CBN Chief Operating Officer Cory Vidanes confirmed during the company's annual stockholders’ meeting that the popular evening talk show "Gandang Gabi Vice" (GGV) would return to free TV via GMA-7 in September. This move is part of the media company's strategy to increase content with public recall to improve revenue and regain profitability. On August 19, President and CEO Carlo Katigbak stated that ABS-CBN sought a return to profitability by rebuilding its business through higher revenues, a significantly lower cost base, and reduced debt following the loss of its broadcast franchise. Katigbak noted that improving financial metrics indicated steady progress toward profitability. This followed First Philippine Holdings Corp. chair and CEO Federico “Piki” Lopez's attendance at ABS-CBN Corp.’s annual stockholders’ meeting on August 19, an appearance that garnered intrigue months after a family feud had become public. Also on August 19, a top executive expressed optimism that ABS-CBN's current momentum would lead the company back to profitability, citing a debt reduction of over half, a 54 percent cut in overhead spending, and revenues reaching their highest level since the 2020 broadcast franchise loss.