ABS-CBN Corp.’s performance in the stock market is expected to take a massive hit after a House of Representatives panel decided not to renew the franchise of the broadcasting titan.

Philstocks Financial Inc. research analyst Japhet Louis Tantiangco warned that the move of the House Committee on Legislative Franchises to reject the media conglomerate’s call to renew its franchise would have “a negative impact on [its] share price.”

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