THE operator of TV5 said it has allotted money to finance the rehabilitation of state-owned Inter-island Broadcasting Corp. (IBC 13).
“We will be spending P40 million to P50 million to upgrade the transmissions and facilities of IBC 13,” Ray Espinosa, president and chief executive of ABC Development Corp. told reporters.
TV5 earlier entered a one-year block time agreement with IBC 13 covering the 5 p.m. to 11 p.m. time-slot seven days a week for sport shows.
The blocktime arrangement will start on June 1.
Manuel Pangilinan, ABC Development chairman, earlier said the block time agreement will help the government generate more revenues.
The Aquino administration plans to privatize two TV stations including IBC 13 to raise more revenues.
Ramon Ang, president of San Miguel Corp. (SMC) earlier said the company would bid for IBC13 and RPN 9.
SMC’s planned venture into TV will give synergy to its telecommunication business. The conglomerate owns Liberty Telecom, Eastern Telecommunications Phils. Inc., and Bell Telecommunications.
Analysts said that TV5’s block time agreement with IBC 13 makes sense because the former would have a wider coverage and would give it a head start for a possible acquisition of IBC 13.
The media arm of Philippine Long Distance Telephone Co., MediaQuest Holdings, owns TV5.
DARWIN G. AMOJELAR