ABS-CBN shares hit the roof anew as investors cheer ‘low-key’ return to free TV

 

Shares of former media giant ABS-CBN Corp. hit market curbs again as investors cheered its “low-key” strategy in its comeback on free television.

ABS-CBN ad ABS-CBN Holdings (Philippine Depositary Receipts) rocketed 50 percent to P13.50 and P3.12, respectively, on combined value turnover of P188 million.

Its parent, Lopez Holdings, also jumped 21 percent to P3.02 on P110 million turnover.

These shares also hit surge limits two days ago, October 5, as investors rode on reports that the Lopezes have finalized a block time deal with A2Z Channel 11 (formerly Zoe TV) of Jesus Is Lord founder, Brother Eddie Villanueva.

ABS-CBN shares have clawed back part of its losses since falling off cliff in July 10 when Congress slammed the door on its bid to renew its franchise.

Investors gave the thumbs up to the Lopezes’ “low-key” strategy in its free TV comeback by airing only entertainment shows while holding off its top-rating “TV Patrol” newscast, apparently to avoid getting the ire of President Rodrigo Duterte who has been vocal about wanting to shut down ABS-CBN.

ABS-CBN announced Wednesday its A2Z programming starting October without “TV Patrol” – “FPJ’s Ang Probinsyano”, “MMK”, “It’s Showtime”, “ASAP Natin ‘To”, and “Magandang Buhay.”

Investors dumped ABS-CBN after it was limited to airing its programs on Sky Cable and digital paltforms.

Source: Peso Economics