Moving forward, ABS-CBN said it would focus on its business segments that did not require a legislative franchise.
“The denial of the franchise application of ABS-CBN to construct, install, establish, operate, and maintain radio and television broadcasting stations in the Philippines does not affect the primary franchise of ABS-CBN to exist as a corporation and does not affect the rights of its shareholders,” ABS-CBN said.
Finally on July 10, the franchise committee of the House of Representatives voted 70-11 to reject its franchise application. ABS-CBN was traded at P10.36 per share—less than a fifth of its value before Mr. Duterte took office in June 2016. It also committed to honor all obligations for goods delivered and services rendered by its third party suppliers, or it may negotiate new terms.The company did not disclose any plans regarding its assets, which House members who led the assault against its franchise said could be seized by the government, particularly the property occupied by its main broadcast facilities in Quezon City.
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