Apologies for the late upload! The research for this topic was a bit time consuming and it took a while for me to absorb and understand all of the information as well. Let me know your thoughts on the comment section down below.
Last Friday, the Philippine Congress denied ABS-CBN's franchise renewal. Out of the 85 committee members, 70 voted in favor of the denial of the franchise renewal, 11 voted for the renewal, 2 voted to inhibit and 1 abstained from voting. Also, the Philippine Stock Exchange suspended the trading of ABS and ABSP stocks until the company publishes a full disclosure of the impact this will have on its business. Obviously, this is not a good look for the company as majority of its revenue comes from the News and Media Entertainment sector of its business. As soon as their stocks gets traded again, I believe that it'll take a hit and tank unless some good news surfaces beforehand.
“Truly wanting to help is always the best business strategy.” -Gary Vaynerchuk
#abscbn #abscbnfranchise #abscbnstocks
