TV5 accuses ABS-CBN of withholding its revenue shares from advertisers

TV5 accuses ABS-CBN of withholding its revenue shares from advertisers

Local television station TV5 has accused its content partner, ABS-CBN of collecting revenue shares from advertisers without giving the office its required share from the money.

According to a statement issued by the television station on December 4, TV5 disclosed that ABS-CBN has failed to fulfil its partnership agreement to even remit on a timely basis.

“Our Content Agreement with ABS-CBN requires them to remit, on a timely basis, TV5’s share of revenues they collect from advertisers. These amounts collected, our shares being held by ABS-CBN,” the statement read.

It further stated that the act of ABS-CBN has affected the operations of the station while Kapatid had remained loyal and supportive to any media outlets which faced problems.

“For TV5, has reached such material value as to severely affect TV5’s ability to settle its own obligations. Despite our repeated appeals, ABS-CBN has failed to pay what is due. Neither have they given assurances, nor indicated that they can or will.”

“To be clear, we value the partnership with ABS-CBN and, as part of the same industry, we understand ABS-CBN’s financial difficulties,” the statement indicated.

TV5 emphasized the need for ABS-CBN to settle their debts to tighten their partnership and foster development among them to enhance operations.

“But TV5 is also faced with its own challenges. We need the funds owed to us to continue serving you, our viewers, our leniency, as well as forbearance, must now yield to the realities of this business,” it added.

TV5 assured its viewers, their outfit commitment to serve them with the best programming, no matter what ensues from all those issues.

Meanwhile, ABS-CBN had also issued a statement to express commitment in resolving the issue and settle the necessary debts in the shortest period given to them by TV5.

It, however, assured its fans and viewers to find means to reach them even if its contract with TV5 gets terminated just like it found ways to reach the public once it lost its franchise in 2020 amidst the pandemic.

Source: www.spotonnews.net