MANILA, Philippines - Multimedia conglomerate ABS-CBN Corp. has absorbed five wholly owned subsidiaries as part of efforts to streamline the corporate structure and further grow the business segments of the Lopez-controlled publicly traded company.
ABS-CBN assistant secretary Enrique Quiason informed the Philippine Stock Exchange (PSE) that the company’s Board of Directors approved the merger of ABS-CBN Interactive Inc., ABS-CBN Multimedia Inc., Sarimanok News Network Inc., Sapientis Holdings Corp., and Studio 23 Inc. with ABS-CBN Corp.
Quiason said ABS-CBN Corp. would be the surviving entity after the transaction.
According to Quiason, the purpose of the merger of the wholly owned subsidiaries is to clean up the corporate structure of ABS-CBN Corp.
ABS-CBN aims to streamline its corporate structure and grow its business segments to answer the needs of the Filipinos.
Its flagship business is broadcast to deliver content for a wider audience through Entertainment Production; Star Magic; ABS-CBN Regional Network Group; ABS-CBN Licensing; and Integrated Events as well as the narrowcast segment to deliver content to a niche and targeted audience via ABS-CBN Publishing; Creative Programs Inc.; and Integrated Sports.
The company’s integrated news and current affairs combines the news gathering capabilities of TV news, radio network, global news bureaus, regional network group, ABS-CBN News Channel, and abscbnnews.com.
The ABS-CBN Group through its access business also envisions to provide access to the company’s content anytime, anywhere, and in any device or medium through SkyCable, ABS-CBNmobile; and Digital Terrestial Television.
Its Star Creatives business segment, on the other hand, includes ABS-CBN Film Productions Inc., Star Records, and MOR 101.9 For Life! that creates engaging content from high-grossing movies to chart-topping hits.
Likewise, the company provides products and services enabling Filipinos to connect and nurture relationships within the Philippines and Filipinos worldwide through The Filipino Channel (TFC), MyRemit, StarKargo, and Starry Starry Store.
Meanwhile, ABS-CBN head of Access Carlo Katigbak has been promoted as the company’s chief operating officer of the Lopez-owned company.
Katigbak helped pave the company’s forays into promising technologies and ventures, as well as overseeing strategy formulation and performance of SKY Cable Corp., ABS-CBNmobile, and the newly launched digital TV business now called ABS-CBN TVplus.
Aside from KatigBak, ABS-CBN also named Ma. Socorro Vidanes as head of Free TV, Antonio Ventosa as officer-in-charge of access and concurrent head of Narrowcast, and Fernando Villar as head of ABS-CBNmobile.