Leviste is the son of Sen. Lorna “Loren” Legarda, a former journalist and news anchor at ABS-CBN.
This is Leviste’s most high-profile investment after selling his renewable energy startup, SP New Energy Corp., to tycoon Manuel V. Pangilinan-led Manila Electric Co. for P15.9 billion.
ABS was one of the country’s biggest TV companies before its broadcast operations were shuttered by former President Rodrigo Duterte’s allies in the House of Representatives at the height of the global health crisis in 2020.
Legarda, a House deputy speaker during the franchise hearings in 2020, abstained from the vote that denied the renewal of ABS-CBN broadcast franchise.
Leviste will control 76.5 million shares of ABS-CBN, which are now worth about P390 million after the stock price soared over 18 percent to P5.10 apiece.
In a separate announcement on Facebook, Leviste paid tribute to Sen. Legarda ahead of Mother’s Day on May 12.
Leviste bought the ABS-CBN shares using privately-held firm Countryside Investments Holdings Corp. and subsidiary LL Holdings Inc.
The ownership report was required by the Philippine Stock Exchange after he breached the 5 percent ownership threshold.
Last March, Leviste also disclosed the purchase of a 7.55 percent stake in the century-old sugar firm Roxas & Co.
Last April 24, ABS-CBN recorded a sudden surge in activity, which traders said might have been when Levista was accumulating shares. The average price on that day was P3.43 per share.
Even with the significant price pump on Thursday, ABS-CBN is about 80 percent lower from its price of above P20 before its television franchise was denied by Congress.
ABS-CBN saw larger losses of P12.8 billion last year after a P9 billion non-cash impairment charge at SkyCable Corp.
Overall revenues were flat at P18.5 billion while advertising revenue saw a 16 percent boost to P6.67 billion, suggesting the company’s core media content strategy continues to pay off.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
