ABS-CBN Says in Talks With Real Estate Developers for 'Possible Redevelopment' of Main Building

(SPOT.ph) ABS-CBN Corporation on Monday, March 13, confirmed it is in discussions with real estate developers for the "possible redevelopment" of its properties in Quezon City as it sets the record straight on the reported demolition of its Main Building. 

The Lopez-owned company responded to a report by Bilyonaryo.com, which said that the broadcast company would let go of the Main Building.  One of the oldest structures in its complex in Barangay South Triangle, the Main Building houses the news offices and several studios including that of It's Showtime and TV Patrol.

"ABS-CBN has been in discussions with real estate developers, including Rockwell Land, even prior to the start of the pandemic for possible redevelopment plans for ABS-CBN’s property in Quezon City. No deal has been agreed upon at this time," said Paul Michael Villanueva Jr., chief risk management officer of the ABS-CBN Shared Service Center in a disclosure to the Philippine Stock Exchange.

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Demolishing ABS-CBN's Main Building: What We Know So Far

Bilyonaryo.com cited a "Babbler" in its March 7 story, where it said that the Lopez family's property arm Rockwell Land "snapped up the 3.4-hectare property" where it stood for 55 years.

Operations at the Main Building will relocate to the 15-story Eugenio Lopez Jr. Communications Center (ELJCC), located along Sgt. Esguerra, to make way for the demolition, it said.

"Babbler said the move makes practical sense, as ABS-CBN had to sell the land to keep its operations going, and the old building has practically been empty due to the mass layoffs resulting from the loss of the franchise and an increase in remote work, even after the pandemic," it said, citing the Kapamilya network's loss of franchise after the Congress denied its renewal.

Also read: P3.9 Billion, That's How Much ABS-CBN Lost to Franchise Woes, COVID-19

Since its franchise loss which led to massive layoffs, ABS-CBN has partnered with its broadcast rivals for content. This led to the airing of ABS-CBN shows It's Showtime and FPJ's Ang Probinsyano on TV5, and the historic TV production of Unbreak My Heart as the Kapamilya network collaborated with GMA for the first time.