Leviste acquires 8.5% stake of ABS-CBN

MANILA, Philippines — Entrepreneur Leandro Leviste, founder of renewable energy firm Solar Philippines, purchased P76.5 million worth of shares of ABS-CBN Corp. or 8.5% of the network.

This has been disclosed by Leviste through the Philippine Stock Exchange on May 2. 

"ABS-CBN is a great company that has helped countless people over the years. I hope there may now be a way for us to be of help, for the benefit of ABS-CBN's shareholders and employees, and the media industry of the Philippines," Leviste was quoted as saying in the firm's press release.

The firm's founder purchased the shares through LL Holdings Inc., which makes it the largest shareholder of the network following the Lopez family.

Leviste is the son of former ABS-CBN anchor and now Senate President Pro-Tempore Loren Legarda.

Last month, ABS-CBN Corp. said that the network has widened its net losses by P12.8 billion in 2023 coming from the previous P2.6 billion.