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The latest meeting was held in Malacañang on the night of September 30. Villanueva met with Duterte at least twice, according to insiders. The Zoe management also made sure to cover all other bases and even informed President Duterte of the agreement. Lopez remains a stockholder of ABS-CBN, holding 769,960 shares. Lopez, 68, also stepped down as director of ABS-CBN Holdings Corporation, Sky Vision Corporation, Sky Cable Corporation, First Philippine Holdings Corporation, First Gen Corporation, and Rockwell Land Corporation. Weeks before the announcement of the deal, Eugenio “Gabby” Lopez III resigned as chairman emeritus and director for “personal reasons.” The embattled network seemed to have set the stage for its revival as it navigated the deal under wraps. But as rumors of the deal spread, ABS-CBN stocks rose by about 40% ahead of the official announcement. The company suffered a massive net loss of P3.93 billion ($80.72 million) in the 1st half of the year due to the pandemic and its shutdown. The deal was also a victory for ABS-CBN’s stocks.

The church also operates schools, such as the JIL Christian Schools and JIL Colleges Foundation Incorporated.

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The price of the new deal, however, is yet to be known.īut GMA7’s annual reports filed with the Philippine Stock Exchange for the fiscal years ending in December 20 show that its deal with Zoe cost between P100 million to over P200 million ($2.05 million to over $4.1 million) yearly.Īside from Channel 11, Villanueva also has a legislative franchise to operate AM radio stations in Southern Tagalog and Palawan, as well as another free TV channel, Channel 33 or Light TV.Ī former professor of economics and finance at the Polytechnic University of the Philippines (PUP), Villanueva founded Jesus Is Lord Church, popularly called JIL, in 1978. The 14-year deal between GMA and Zoe ended in June 2019, nearly a year before ABS-CBN was forced off the air.Īs GMA opted not to renew the contract, Zoe was able to easily find another client and regain revenue with the entry of its new partner. Rappler asked former Citizens’ Battle Against Corruption (CIBAC) party-list representative Sherwin Tugna, now president and chairman of A2Z, for confirmation, but he did not reply to this and other questions.Īt the time of discussions, Channel 11 was still in a blocktime partnership with GMA-7. With a big enemy in the Palace, how did ABS-CBN manage to survive and return to free TV? How did ABS-CBN manage to get Brother Eddie’s blessing, and what’s in it for his channel? The business deal, right timingĪBS-CBN reportedly wanted to buy Zoe’s Channel 11, now rebranded as A2Z, but Villanueva did not want to let go of the network. He is a deputy speaker at the House of Representatives. Brother Eddie Villanueva, owner of Zoe TV and one of the Philippines’ most popular Evangelical leaders, also has political stakes, with him and other members of his family in public office. after all, Duterte who sought ABS-CBN’s closure. It was a low-profile deal from the start, with specific details yet to be known until now – a strategy seemingly understandable as both networks continue to tiptoe on political eggshells.īut the merger of business and politics couldn’t be more elaborate than in this deal. It was the culmination of years-long negotiations as ABS-CBN prepared for an eventual closure following President Rodrigo Duterte’s heightened attacks against the network. In a match made in heaven, the Philippines’ largest broadcaster ABS-CBN found refuge in Christian station Zoe Broadcasting Network, months after a government-backed shutdown.