ABS-CBN Corp. plans to raise P6 billion in new equity through subscriptions from three Lopez family investment companies, I&C Holdings Corp., and Lopez, Inc., the media company announced on Wednesday.

Crème Investment Corp., Mantes Corp., and Presta Holdings Co., Inc. — representing three branches of the Lopez family — have committed to subscribe to a combined P2.2 billion worth of ABS-CBN shares using personal resources. I&C Holdings Corp., a 100% Philippine-owned private investment holding company, will subscribe to P3.5 billion worth of shares, while Lopez, Inc. will take up an additional P300 million.

ABS-CBN said the capital raising is intended to strengthen its balance sheet and provide additional resources for its business plans. The company has been operating without a congressional broadcast franchise since 2020, when the House of Representatives denied its renewal application, forcing the network to cease free-to-air television and radio operations and pivot toward digital platforms, content production, and international distribution. The P2.2-billion commitment from Crème Investment, Mantes, and Presta follows an earlier announcement that the funds would be used to address the company's obligations to employees and support its recovery plans.

The investments remain subject to the execution of separate definitive agreements and applicable corporate and regulatory approvals.

"ABS-CBN has been part of this family for generations… The mission our family set out to pursue remains the heartbeat of this family — to be in the service of the Filipino. We are putting our own money behind this conviction," said Eugenio "Gabby" L. Lopez III, representing the Lopez majority bloc, in an earlier media release.

I&C Holdings Corp. expressed confidence in the broadcaster's long-term prospects. "ABS-CBN has built valuable brands, intellectual property, content and deep relationships with Filipino audiences in the Philippines and overseas," the company said. "As the media industry continues to evolve, we believe these assets provide a strong foundation for the company to adapt, build a sustainable content-led business, and create long-term value."

ABS-CBN Chairman Mark Lopez described the investment as a significant endorsement. "This substantial investment is a vote of confidence in ABS-CBN," he said. "It tells us there are people who continue to believe in the company and in our mission of being In the Service of the Filipino."

The equity raise comes shortly after businessman Ramon S. Ang acquired a 25.68% stake in Lopez, Inc. through a deed of assignment covering shares registered in the name of Crème Investment Corp. Ang's investment in Lopez, Inc. occurs amid an ongoing dispute between the family's majority branch and the bloc of Federico "Piki" R. Lopez, which began after the board voted to remove the latter as president, leading to a series of legal battles.

Lopez, Inc.'s units include ABS-CBN Corp., First Philippine Holdings Corp., and First Gen Corp.

At the Philippine Stock Exchange on Wednesday, ABS-CBN shares rose 46 centavos, or 12.6%, to close at P4.11 each.

— Ashley Erika O. Jose