MANILA, Philippines —ABS-CBN Corp. has finalized an agreement to sell approximately 70% of its headquarters in Diliman, Quezon City, to Ayala Land Inc. (ALI) for PHP 6.24 billion.
The transaction, confirmed by the Lopez-owned company, involves a portion of ABS-CBN’s prime property, which has long been central to its broadcasting operations.
The sale reflects a shift in ABS-CBN’s asset management strategy, focusing on financial optimization and debt reduction.
Ayala Land Inc., one of the Philippines’ leading real estate developers, will acquire the majority of the land, furthering its urban expansion efforts. ABS-CBN plans to use the proceeds from the sale to settle debts, providing relief from financial pressures.
The company will retain a portion of the property and continue operations on a reduced scale, although specific plans for the remaining space have not been disclosed.
This decision follows financial challenges faced by ABS-CBN, particularly after the loss of its broadcasting franchise in 2020.