I. Introduction
This company is highly rated by Filipino TV fans. ABS-CBN Broadcasting is the leading media company in the Philippines with its flagship television networks Channel 2 and Studio 23. Channel 2 reaches over 95% of the country through more than 30 affiliate stations (25 of which are company-owned and operated), while Studio 23 is seen by about half the population. ABS-CBN also operates a portfolio of 15 radio stations and has other subsidiaries involved in magazine publishing, movie and TV production, and music recording. In addition, the company controls Sky Cable operator Sky Vision. ABS-CBN is controlled by Chairman Eugenio Lopez and his family through the Lopez Group.
ABS-CBN Corporation (“ABS-CBN” or the “Company”) traces its roots from Bolinao Electronics Corporation (BEC), established in 1946 as an assembler of radio transmitting equipment. In 1952, BEC adopted the business name Alto Broadcasting System (ABS) and began setting up the country’s first television broadcast by 1953. On September 24, 1956, Chronicle Broadcasting Network (CBN), owned by Don Eugenio Lopez Sr. of the Lopez family, was organized primarily for radio broadcasting. In 1957, Don Eugenio Lopez Sr. acquired ABS and on February 1, 1967, the operations of ABS and CBN were integrated and BEC changed its corporate name to ABS-CBN Broadcasting Corporation. On August 16, 2010, the Philippine Securities and Exchange Commission (SEC) approved the change of Company’s corporate name to ABS-CBN Corporation. This change is a reflection of the Company’s diversified businesses in existing and new industries. ABS-CBN achieved many firsts since it started the television industry in the country in 1953. However, with the imposition of martial law in September 1972, ABS-CBN ceased operations as the government forcibly took control of the Company. ABS-CBN resumed commercial operations in 1986 after the People Power or EDSA revolution. Recovery after 14 years of absence was difficult as...