MANILA, Philippines – Media giant ABS-CBN would have to squeeze in all of their operations into the remaining one third of their lot after selling a portion of their famous Quezon City headquarters to Ayala Land, Inc (ALI) for P6.24 billion. 

ABS-CBN will be turning over 30,000 square meters of their 44,000 square meter property in Quezon City. 

The proceeds of the sale will be used to cover up the company’s compounding debts that blew up due to their franchise loss in 2020. 

After being cleared by the Philippine Competition Commission, the property will be handed over to ALI on installment for a period of 10 years. Once complete, all of ABs-CBN’s offices will be consolidated in the remaining 1.4 hectares. 

When ABS- CBN lost its franchise, it laid off employees and disposed of several assets to minimize its losses. 

A bill has now been filed before the House of Representatives seeking to give fresh franchise to the media giant.