ABS-CBN to sell 30,000 sq.m. of its property in QC to Ayala Land

ABS-CBN Corporation on Thursday inked an agreement to sell 30,000 square meters of its property in Quezon City to Ayala Land Inc. for P6.240 billion, subject to regulatory clearance.

In a filing to the local bourse, ABS-CBN said the sale covers 30,000 square meters of its 44,027.30-sq.m. property in Quezon City, which houses several buildings including production facilities.

“ABS-CBN will be consolidating its operations in the remaining 1.4 hectares of the Quezon City Property. Proceeds of the sale of property will be used to partially pre-pay its outstanding bank loans,” ABS-CBN said.

Under the terms, the down payment will be placed in an escrow account that will be released to ABS-CBN upon completion of certain conditions precedent such as the clearance of the Philippine Competition Commission (PCC), and the signing of the deed of absolute sale.

ABS-CBN’s latest financial report indicates that the company reported P16.315 billion in interest-bearing loans and borrowings in the first nine months of 2024, lower than the P17.189 billion in the same period in 2023.

Consolidated revenues for the period stood at  P12.118 billion, down by 10% from P13.520 billion in 2023. It also incurred a net loss of P1.587-billion, marking an improvement from P3.331 billion the previous year. — BM, GMA Integrated News