#ABS-CBN Strikes Landmark Deal with Prime Media to Revive DZMM, Sets the Stage for Quality Broadcasting and Content Delivery
ABS-CBN's Lopez Group strikes a groundbreaking content partnership with Prime Media to revive DZMM on the airwaves, with ABS-CBN holding a 49% stake in the joint venture and Prime Media owning the majority share of 51%.
In a groundbreaking move, ABS-CBN Corp., the renowned media conglomerate of the Lopez Group, has joined forces with Prime Media Holdings Inc. to mark its triumphant return to the airwaves. This strategic content partnership promises to usher in a new era of top-notch broadcasting and content delivery.
The agreement, inked between ABS-CBN and Prime Media, serves as the gateway to resurrecting DZMM, the beloved radio station that went off the airwaves on May 5, 2020, when ABS-CBN's legislative license expired, leading to the suspension of its free TV and sister radio stations.
Under this transformative partnership, ABS-CBN will hold a 49 percent stake in the joint venture, with Prime Media securing the majority share of 51 percent. Prime Media, through its subsidiary Philippine Collective Media Corporation (PCMC), boasts an impressive portfolio of radio and TV broadcasting franchises. Currently, the company operates TV and AM stations in Tacloban, along with 24 FM stations nationwide.
As part of this momentous agreement, PCMC will utilize the previous DZMM frequency (630 kHz) to operate an AM station in Metro Manila. Furthermore, ABS-CBN has generously granted permission for the use of its other renowned brands such as Teleradyo and MOR.
Notably, ABS-CBN has also agreed to sell DZMM's transmission assets in Obando, including seven lots, towers/antennas, transmitters, and peripheral equipment. This move solidifies the commitment of both parties to ensure a seamless transition and optimal broadcasting capabilities.
The joint venture company, set to engage in a block time deal with PCMC for TV Patrol, will be governed by a nine-member board, with Prime Media appointing five members and ABS-CBN appointing four.
Crucial positions within the company will be filled by representatives from both ABS-CBN and Prime Media. ABS-CBN will appoint the president and assistant corporate secretary, while Prime Media will provide the chairman, CFO, treasurer, and corporate secretary.
This groundbreaking collaboration between ABS-CBN and Prime Media not only brings DZMM back to the airwaves but also heralds a new era of quality broadcasting and content delivery. The partnership's mutual commitment to excellence is poised to captivate audiences and shape the future of media in the Philippines. Stay tuned for more exciting developments! #ABS-CBNRevival #DZMMReturns #QualityBroadcasting #kbpcalabarzon #kbp #kapisananngmgabrodkasterngpilipinas
