MANILA — ABS-CBN confirmed receipt of a notice terminating its TV Content Supply Agreement with TV5, expressing regret that the action comes at a critical time in the company’s ongoing recovery.

In a statement, the media network emphasized that the amounts and manner of claims under the agreement remain disputed. The company said it has sought additional time to resolve the matter within the thirty-day period allowed and is committed to fulfilling its obligations to TV5 and other partners.

“There is no truth to any insinuation that ABS-CBN willfully delayed payment. Such characterizations fail to acknowledge the severe financial constraints imposed on us through circumstances beyond our control,” the statement said.

ABS-CBN highlighted the impact of losing its broadcast franchise in 2020, which followed a cease-and-desist order from the National Telecommunications Commission (NTC) and a denial of its franchise renewal by the House of Representatives. The franchise loss caused significant revenue reductions, leading the company to sustain losses for the first time since its post-Martial Law return.

Despite these challenges, ABS-CBN said its transformation into a storytelling company has shown steady performance improvement and demonstrated resilience and commitment to stakeholders.

The company assured its audiences that it will continue to find ways to deliver content even if the partnership with TV5 is terminated.

“Being in the service of the Filipino will continue to guide all our actions, always putting the well-being of our audiences at the heart of our work,” the statement read.

ABS-CBN thanked its employees, talents, advertisers, and audiences for their continued support during this period.