Kapatid network TV5 issued a notice of termination in relation to its content partners with Kapamilya network ABS-CBN allegedly due to its failure to pay its financial obligations.
In a statement issued, TV5 said:
“TV5 recognizes the value of ABS-CBN’s well-loved programs to our viewers. However, their failure to meet their financial commitments to us has made it very difficult for us to compensate our own employees, talents, and partners who help deliver these programs to your homes.”
It has made it very difficult for us to compensate our employees, talents, and partners who help deliver these programs to your homes,”
“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, understand ABS-CBN’s financial difficulties. 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.”
(Photo source: CTTO)
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