Crème Investment Corp., Mantes Corp. and Presta Holdings Co. Inc. said the funds would address obligations to long-serving employees and support recovery plans, although details still need to be finalized with ABS-CBN.
“ABS-CBN has been part of this family for generations,” Eugenio “Gabby” Lopez III said on behalf of the family members.
"The mission our family set out to pursue remains the heartbeat of this family — to be in the service of the Filipino. We are putting our own money behind this conviction," he said on Wednesday.
Who's backing ABS-CBN?
Crème Investment Corp. represents the branch of the late Eugenio “Geny” Lopez Jr., now led by his son Gabby Lopez, while Mantes Corp. is owned by the heirs of Manuel “Manolo” Lopez and Presta Holdings Co. Inc. by the heirs of Presentacion Lopez-Psinakis.
The fourth family vehicle, Croslo Holdings Corp., represents the heirs of Oscar Lopez, including Federico “Piki” Lopez.
After the Ang deal
The commitment comes after Lopez confirmed the sale of his family branch’s 25.7 percent stake in privately held Lopez Inc. to Ang, who valued the family holding company at P45 billion for 100 percent.
At that valuation, Crème’s stake would be worth about P11.6 billion, although the other Lopez family branches remain in control after Ang said their shareholdings were “not for sale.”
ABS-CBN remains a priority
Lopez Inc., through listed Lopez Holdings Corp., controls 78 percent of ABS-CBN, keeping the media company firmly within the family’s broader business empire despite the entry of Ang as a sizable minority shareholder at the top.
ABS-CBN has been rebuilding around content production and partnerships since losing its broadcast franchise in 2020, making the proposed P2.2-billion cash injection another sign that the Lopez family intends to keep backing the business.
The planned investment also comes after a period of family disagreements over the direction of the group, including ABS-CBN, giving the joint commitment from the three branches added significance.
—Edited by Miguel R. Camus
