By Fernan Angeles
CONGRESSMEN for sure would be fuming mad when they find out that shows of the Lopez-owned network would be back on air soon, as ABS-CBN inked an agreement with Brother Eddie Villanueva’s Zoe Broadcasting Network.
In a statement released on Tuesday, the network said audiences can view some of its entertainment programs on ZBN, which is being rebranded into A2Z Channel 11, starting Saturday, October 10. Villanueva owns ZBN
“ABS-CBN and Zoe are committed to work together to provide entertainment, public service programs, and educational content to the public,” the network said in the statement.
As a result of the deal, ABS-CBN shares surged nearly 50 percent in trading on Monday, October 5, from P7.06 to P10.58, leading the Philippine Stock Exchange to request for a comment from the company.
“The Corporation cannot categorically give a reason for the movement of its stock price,” said Aldrin Cerrado, chief financial officer and compliance officer of ABS-CBN Corp., in a letter dated October 5. “However, we are aware of public speculation that there are initiatives being explored by the Corporation to distribute its content across additional platforms. The Corporation will disclose any initiatives that become definitive in due course.”
ABS-CBN failed to renew its 25-year congressional franchise earlier this year. It has since laid off hundreds of its employees across its different platforms and subsidiaries.