PHILIPPINES PRESS: Globe Weighs Acquiring ABS-CBN Stake
MANILA (Dow Jones)--Globe Telecom Inc. (GLO.PH) expressed interest in acquiring a stake in ABS-CBN Broadcasting Corp. (ABS.PH), the Philippine Star reports, citing an unnamed ABS-CBN official.
Globe, which the Philippines' second-largest telecommunications group after Philippine Long Distance Telephone Co. (PHI), hasn't made a formal bid for the ABS-CBN stake, but that "feelers" have been sent, the official said, according to the report.
While ABS-CBN doesn't need new investors at the moment, it "would listen to any group that wants to make an offer," said the official, according to the report.
ABS-CBN is the country's largest media broadcast network.
Telecommunications companies are seeking partners in the broadcast industry due to limited growth in the cellular business, the official said, according to the report. "They need value added services where broadcast content providers play a major role," said the official, the newspaper reports.