The MVP Group, the conglomerate of several regulated businesses chaired by entrepreneur Manuel V Pangilinan that includes PLDT Inc., is plotting a move for Lopez-owned Sky Cable (SKY Fiber), the Philippine Star claims citing unnamed ‘industry sources’. The Lopez Group’s cable provider is valued at between PHP15 billion and PHP18 billion (USD309 million to USD371 million), but the sources claim MVP is poised to submit ‘an aggressive offer’ to secure their target. If successful, Pangilinan would be able to expand the reach of its own cable and broadband businesses, as MVP also owns Cignal TV – a rival to Sky Cable. With MVP Group currently said to be raising funds for the offer, a bid is expected to materialise after 16 September 2020 (the end of the so-called ‘Ghost Festival’; a traditional Buddhist and Taoist festival held in certain East Asian countries, when many Filipino-Chinese tend to shy away from activities that may affect their luck).
Sky Cable (SKY Fiber) was founded in 1990 and is based in Quezon City. It offers broadband (branded SKY Fiber) and cable and satellite television services under the SkyCable and SkyDirect brands. It has at least one million RGUs. It is a subsidiary of the Lopez Group’s media arm ABS-CBN Corp, which was recently shut down after the Philippines’ Congress decided not to renew its 25-year operating franchise.