RSA, MVP and the future of ABS-CBN

Will the much-talked-about and highly anticipated white knight for ABS-CBN, in true chivalric tradition, arrive soon enough to save the media giant from its financial troubles?

ABS-CBN will have its annual stockholders’ meeting on Aug. 19, 2026, which will include the election of directors for the ensuing year, among other matters.

Will the entry of the white knight (or is it white knights?) be announced by then or even earlier than the meeting, which, strangely, already falls during the Ghost Month after it was moved from July 24 originally?

For months now, the grapevine has been swirling with whispers that tycoon Ramon “RSA” Ang has agreed to help ABS-CBN, with the help of his erstwhile competitor but now business partner, tycoon Manuel V. Pangilinan.

RSA’s presence as a special guest during MVP’s birthday bash at Vibe+ on TV5 last Saturday fueled speculation even further about their impending partnership involving ABS-CBN.

Another collaboration?

However, as reported by Pilipino Star Ngayon’s PSN Showbiz, both MVP and RSA merely laughed off questions about ABS-CBN. It was interesting to note that there was no denial, although there was neither a confirmation.

PSN Showbiz’s Gorgy Rula said that when MVP was asked if they were indeed putting together a major partnership involving the Lopez-led television network, he remained mum and instead pointed to RSA.

RSA though was equally guarded, saying only that he had long wanted to collaborate with MVP.

In the business grapevine, the buzz is loud that RSA, with MVP’s help, will acquire Lopez Holdings, the parent company of ABS-CBN and then “divide/cut/sell.”

In business, when there’s smoke, there’s usually fire but no official announcements have yet been made by any of the parties.

An RSA-MVP tandem to save ABS-CBN probably makes sense for both of them because RSA had previously attempted to buy a 30-percent stake in GMA-7, but negotiations fell through.

MVP, on the other hand, would also benefit from a collaboration with ABS-CBN, especially in terms of content and revenue sharing for his TV5 network. Of course, so would the Lopezes.

A merger between the MVP and the SMC Groups is not new and could surely expand beyond tollways and power, as the two groups have done.

In tollways, the MVP Group’s Metro Pacific Tollways Corp. expects its merger with SMC to close by the third quarter of the year, with negotiations now at the valuation stage. The ownership structure of the combined tollway platform could be anywhere between 45 and 55 percent in favor of SMC, excluding MPTC’s Indonesia and Vietnam assets.

Going back to ABS-CBN, whether it’s RSA with MVP’s help or some unexpected new investor, the network would surely benefit, especially if there is an immediate cash infusion.

The Lopez feud between Federico “Piki” Lopez and the majority led by Gabby Lopez supposedly stemmed from Piki’s refusal to infuse additional cash into ABS-CBN.

Piki’s complaint

Piki, a director of ABS-CBN, has made serious and bold allegations against his cousins, including financial mismanagement, the siphoning of corporate funds and deceptive accounting amid severe financial distress.

Here’s what his complaint, filed with the Securities and Exchange Commission, contained as I had earlier written about:

“ABS-CBN had accumulated net losses amounting to approximately P45.5 billion between 2020 and 2025.

“ABS-CBN has continuously paid exorbitant amounts to management and other corporate officers booked as ‘compensation packages’ or ‘advances’ amid billions in net losses.”

ABS-CBN allegedly employed “deceptive accounting maneuvers, such as recording unsubstantiated circuitous foreign currency revaluations and interest income recognition that created ‘phantom’ dividends, to mask ABS-CBN’s true financial deterioration and manufacture an illusion of solvency.”

He estimated that the compensation and advances to officers, managers and other individuals would reach P10.6 billion, or 23.38 percent of the accumulated losses from 2020 to 2025.

Piki also claimed that allowing the present management to maintain control over ABS-CBN poses an existential threat to the company.

In response, ABS-CBN stated that the company’s board of directors and committees have consistently exercised proper oversight of executive compensation, capital expenditures and financial reporting in accordance with applicable laws.

New board of directors

The white knight, if it comes, is expected to get a board seat. I have not seen the list of nominees to the board of directors for 2026 to 2027, but for sure, the Lopezes will continue to be there because of their respective stakes.

I am curious though – what about lawmaker Leandro Leviste? Didn’t he acquire a 10 percent stake in ABS-CBN in 2024?

Will he also gain a seat on the board of directors or will he sell his stake to the RSA-MVP tandem, considering that he previously sold his solar company to MVP?

For now, there’s no telling yet when ABS-CBN’s white knight will arrive.

If it does happen, this may happen before or by the Aug. 19 stockholders’ meeting if all the details have been threshed out.

With or without a white knight for ABS-CBN though, it’s possible there will soon be an announcement that will resolve the family feud, for real this time.

This may involve the sale of a Lopez-owned company (not ABS-CBN) – or is it companies? Some may sell and others may buy. As to which company/companies within the Lopez Group will change hands, we’ll just have to wait and see.

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