Sky Cable-PLDT acquisition is no longer happening. Sky Cable subscribers will continue to enjoy their cable TV experience.
The much-awaited completion of PLDT’s buy of Sky Cable has been canceled. It seems like the deal will no longer push through as no plans about its future are revealed thus far.
“ABS-CBN Corporation and PLDT have mutually decided not to proceed with the sale of Sky Cable to PLDT under the Sale and Purchase Agreement signed by and among the parties in March 2023.”
Since the deal is off, Sky Cable will continue its cable TV services to its subscribers. That means the original end-of-service on February 26 will no longer take effect. Also, the company’s broadband internet service, Sky Fiber, is not affected.
The sale of Sky Cable to PLDT was approved by the Philippine Competition Commission, with the transaction initiated in March 2023. However, some closing conditions were still subject in January this year.
If the sale pushed through, PLDT would have acquired 100% of Sky’s outstanding capital stock worth 1.3 billion common shares, equivalent to ₱6.75 million.
The reason behind the cancellation of the sale has not been revealed.
