A prominent businessman, Leandro Leviste, has recently acquired a significant stake in ABS-CBN Corp., a well-known media company owned by the Lopez family. Through his companies LL Holdings Inc. and Countryside Investments Holdings Corp., Leviste purchased 76.5 million shares of ABS-CBN, making him the largest shareholder after the Lopez family.
In a statement, Leviste expressed his admiration for ABS-CBN and its contributions to society, stating that he aims to help the company’s shareholders, employees, and the media industry in the Philippines. Leviste, known for founding Solar Philippines and serving as vice chair of SP New Energy Corp., also made recent investments in other companies, including Roxas and Co. Inc.
ABS-CBN has faced challenges in recent years, including a significant net loss of P9.76 billion in 2023. The company’s bid for franchise renewal was rejected by legislators in 2022, leading to its exit from free TV. Despite these setbacks, ABS-CBN shows have made a comeback through partnerships with other networks.
The company’s share price surged recently, reaching a high of P5.15 per share. Leviste’s acquisition of shares in ABS-CBN signifies a new chapter for the media giant as it navigates the changing landscape of the industry.
