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ABS-CBN Corp. announced on Thursday the resignation of its president emeritus and director, Eugenio Gabriel “Gabby” L. López III, more than three months after a House panel denied the network’s request for a franchise. of transmission.
López also resigned as a director of ABS-CBN Holdings Corp., Sky Vision Corp., Sky Cable Corp., First Philippine Holdings Corp., First Gen Corp. and Rockwell Land Corp.
Mr. López cited “personal reasons” for his resignation, which is effective immediately, ABS-CBN said in an emailed statement.
The company said Mario Luza Bautista was chosen to take Lopez’s job on the board.
Mr. Bautista, who is also an advisor to the board of First Philippine Holdings, has served as the company’s general counsel and a member of the company’s Board of Advisors since 2011, ABS-CBN said.
“He is a founding partner of Poblador Bautista and Reyes Law Office and has been its managing partner since 1999,” he added.
ABS-CBN Chairman and CEO Carlo L. Katigbak told the company’s annual shareholders meeting on the same day that the denial of the broadcaster’s franchise offer had resulted in the reduction of nearly 5,000 employees.
Mr. Katigbak added that the company continues to face tough times, but is confident that it will be able to survive the challenges.
“Our history has shown that ABS-CBN’s burning passion for serving the Filipino cannot be extinguished,” he noted.
ABS-CBN recently reported a net attributable loss of P3.16 billion for the second quarter, ranging from a profit of P695.80 million in the same period last year.
The company said its advertising revenue suffered a sharp drop during the period. after the issuance on May 5 by the National Telecommunications Commission of a cease and desist order against its transmission operations.
Total ABS-CBN revenues for the second quarter fell 55.17% to P4.68 billion from P10.44 recorded in the same period last year.
The company has said that it will continue to operate in other businesses that do not require a broadcast franchise, namely: international licensing and distribution, digital and cable businesses, and content syndication through broadcast services.
President Rodrigo R. Duterte had openly criticized the media company for allegedly refusing to run its political ads during the 2016 presidential campaign. He had threatened to block the renewal of the station’s legislative franchise. – Arjay L. Balinbin
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