Philippines: Announced PCC investigation into MediaQuest Holdings and ABS-CBN Corp. transactions concerning proposed merger

On 11 August 2022, the Philippine Competition Commission (PCC) announced an investigation into the investment agreement between TV5 and ABS-CBN and the sale and purchase agreement between Cignal Cable Corp. and Sky Cable Corp. These transactions involve ABS-CBN Corp.'s acquisition of a 34.99% stake in TV5 for PHP 2.16 billion (ca. USD 38 million) and Cignal Cable Corp.'s acquisition of a 38.88% stake in Sky Cable Corp. for PHP 2.862 billion (ca. USD 50 million). The PCC is assessing whether these transactions meet the PHP 50-billion notification thresholds set by the Bayanihan to Recover as One Act (Bayanihan 2), which are required for review to ensure no harm to competition or consumer welfare. The PCC may also initiate a motu proprio review to determine if these transactions could substantially lessen competition in the internet and telecom services market in the Philippines.