THE price of the shares of ABS-CBN Corp. surged by 30.69 percent to P13.32 on Friday from the previous close of P10.20 on August 5, fueled by the announcement that it has acquired an interest in TV5.

ABS-CBN said it will acquire 6,459,393 new primary common shares in TV5, which is equivalent to 34.99 percent of the total voting and outstanding capital stock of the network owned by the PLDT Group of Manuel Pangilinan. The total value of the deal is P2.16 billion.

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