Is it true that the ABS-CBN headquarters will be demolished?
ABS-CBN’s chief risk management officer and chief compliance officer Paul Michael Villanueva Jr. reacts to rumors that the ABS-CBN headquarters will be demolished.
Last week, reports surfaced that the main building of the Kapamilya network will be redeveloped. A source said that Rockwell land was able to purchase the said property.
The said headquarters was home to the TV Patrol studio. However, it was said that the majority of the areas are no longer occupied due to mass lay off that happened when the media company was not able to renew its franchise.
Based on the report from PEP, the Security Exchange Commission (SEC) asked the Kapamilya network regarding the reports claiming that the ABS-CBN headquarters will be demolished.
On March 13, ABS-CBN replied to SEC’s inquiry through Paul Michael Villanueva Jr. The chief risk management officer and chief compliance officer of the media company said there had been some discussions about “possible redevelopment plans for ABS-CBN’s property in Quezon City” even before the pandemic happened.
One of the entities that ABS-CBN talked to was its sister company Rockwell Land. However, Villanueva clarified that there is no finality yet when it comes to this matter.
Here’s a portion of Villanueva’s statement:
“ABS-CBN has been in discussions with real estate developers, including Rockwell Land, even prior to the start of the pandemic for possible redevelopment plans for ABS-CBN’s property in Quezon City. No deal has been agreed upon at this time.”
Meanwhile, ABS-CBN is focused now on being a content provider as it is no longer operating as a TV network. Star Magic head Lauren Dyogi that this somehow proves that network war no longer exists.
What can you say about this?
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