MANILA -- Shares of ABS-CBN Corp were placed on trading halt on Wednesday, after the Philippines' telecommunications regulator ordered it to sign off.
The National Telecommunications Commission issued a "cease and desist" order against ABS-CBN despite a request from lawmakers to grant the company provisional authority to operate beyond the expiry of its franchise on May 4 as they need more time to deliberate on its renewal.
"I think it was fair also to have a halt, otherwise it could spiral down because of uncertainty and that could also be bad for investors," BDO Capital President Ed Francisco told ANC's Market Edge.
"I still think there’s great intrinsic value in that and I’m hopeful it will be, Congress will fix it and they’ll get their temporary license or even a permanent franchise soon," he said.
The broadcast shutdown order also came as ABS-CBN sustained its broadcast and public service works, raising up to P300 million, to help those in need during the COVID-19 pandemic and resulting lockdowns.
The NTC order covers 42 ABS-CBN television stations, including the flagship Channel 2, 10 digital broadcast channels, 18 FM stations and 5 AM stations, including DZMM radio.
"We trust that the government will decide on our franchise with the best interest of the Filipino people in mind, recognizing ABS-CBN’s role and efforts in providing the latest news and information during these challenging times," the company said.
"ABS-CBN remains committed to being in the service of the Filipino and we will find ways to continue providing meaningful service to them," it said.
ABS-CBN signed off past 7 p.m. Tuesday, at the end of its flagship newscast, TV Patrol. It will continue streaming programs on its websites and on its official Facebook and YouTube channels. Cable channels will also continue operating.
news.abs-cbn.com
MANILA - De La Salle University on Tuesday showed support to ABS-CBN Corp., hours after the broadcast giant was ordered by the National Telecommunications Commission (NTC) to shut down its TV and radio operations.
In Facebook and Twitters posts, the facade of the university's Manila campus is seen lighted up in red, green and blue, which are the signature colors of ABS-CBN.
"In solidarity with ABS-CBN, its employees, and the millions of Filipinos who depend on the broadcast network for news and information, De La Salle University lights up the iconic St. La Salle Hall in the colors of the company to appeal to the National Telecommunications Commission to grant provisional authority for the continued operation of the network," it said.
The NTC earlier in the day ordered ABS-CBN to “cease and desist” its TV and radio broadcast operations, one day after the company’s 25-year operating franchise expired.
The agency said the network must stop its broadcast operations "due to the expiration of its congressional franchise" on May 4.
It said the network should "stop operating its various TV and radio broadcasting stations nationwide 'absent a valid Congressional Franchise as required by law'."
ABS-CBN Corp., which employs around 11,000 workers, was given 10 days from receipt of the order "to respond as to why the frequencies assigned to it should not be recalled."
ABS-CBN Corp. stopped its broadcast operations Tuesday night in compliance with the NTC order.
In a statement, the country's largest media network cited how the order was issued despite earlier legislative resolutions assuring the issuance of a provisional authority pending the renewal of its broadcast license.
Several bills for the renewal of its franchise, which lapsed Monday, are pending at the House of Representatives.
The NTC order covers 42 television stations across the country, including the flagship Channel 2, 10 digital broadcast channels, 18 FM stations and 5 AM stations, including DZMM radio.
news.abs-cbn.com
MANILA - Looks of worry and disbelief were etched on faces of people working in the ABS-CBN newsroom on Tuesday night, especially those who have been with the company for a long time.
Earlier in the day, the Philippines' telecommunication agency ordered ABS-CBN to stop its TV and radio operations, shortly after the company’s 25-year operating franchise expired.
ABS-CBN CEO and President Carlo L. Katigbak watches TV Patrol and ABS-CBN following the cease and desist order of the National Telecommunications Commission stopping the network to continue broadcasting on air. Fernando G. Sepe Jr., ABS-CBN News
ABS-CBN CEO and President Carlo L. Katigbak watches TV Patrol and ABS-CBN following the cease and desist order of the National Telecommunications Commission stopping the network to continue broadcasting on air. Fernando G. Sepe Jr., ABS-CBN News
Chief Operating Officer of Broadcast for ABS-CBN Cory Vidanes watches TV Patrol and ABS-CBN following the cease and desist order of the National Telecommunications Commission stopping the network to continue broadcasting on air. Fernando G. Sepe Jr., ABS-CBN News
ABS-CBN Integrated News and Current Affairs chief Regina E. Reyes reacts during the broadcast of TV Patrol and ABS-CBN following the cease and desist order of the National Telecommunications Commission for the network to stop broadcasting on air. Fernando G. Sepe Jr., ABS-CBN News
ABS-CBN News workers watch TV Patrol and ABS-CBN following the cease and desist order of the National Telecommunications Commission stopping the network to continue broadcasting on air. Fernando G. Sepe Jr., ABS-CBN News
TV Patrol executive producer Marielle Gaceta-Catbagan watches her program and ABS-CBN following the cease and desist order of the National Telecommunications Commission stopping the network to continue broadcasting on air. Fernando G. Sepe Jr., ABS-CBN News
ABS-CBN News workers watch TV Patrol and ABS-CBN following the cease and desist order of the National Telecommunications Commission stopping the network to continue broadcasting on air. Fernando G. Sepe Jr., ABS-CBN News
An ABS-CBN News worker watches TV Patrol and ABS-CBN following the cease and desist order of the National Telecommunications Commission stopping the network to continue broadcasting on air. Fernando G. Sepe Jr., ABS-CBN News
ABS-CBN News workers watch TV Patrol and ABS-CBN following the cease and desist order of the National Telecommunications Commission stopping the network to continue broadcasting on air. Fernando G. Sepe Jr., ABS-CBN News
The National Telecommunications Commission on Tuesday ordered ABS-CBN to stop its broadcast operations "due to the expiration of its congressional franchise" on May 4.
The NTC said the network should "stop operating its various TV and radio broadcasting stations nationwide 'absent a valid Congressional Franchise as required by law'."
ABS-CBN Corp., which employs around 11,000 workers, stopped its broadcast operations in compliance with the order.
In a statement, the broadcast giant said the order was issued despite earlier legislative resolutions assuring the issuance of a provisional authority pending the renewal of its broadcast license.
Several bills for the renewal of its franchise, which lapsed Monday, are pending at the House of Representatives.
news.abs-cbn.com
