Proposed acquisition of PLDT by Lopez

On October 20, 2016, it was reported that Lopez was in talks to acquire PLDT. The proposed deal would give Lopez significant holdings in the media industry; PLDT's competitor Nine Media Corporation had previously acquired FBN National in a similar bid to increase its media holdings, in concert with its ownership of television and internet providers. On October 22, 2016, Lopez reached a deal to buy PLDT for P33 billion. If approved by republic regulators, the merger would bring PLDT's properties under the same umbrella as Lopez's holdings, including broadcasting provider ABS-CBN. The deal has faced criticism for the possibility that Lopez could use PLDT content as leverage to discriminate against or limit access to the content by competing providers.

On February 15, 2017, PLDT shareholders approved the merger. On February 28, National Telecommunications Commission chairman refused to review the deal, leaving the review to the Philippine Department of Justice. On March 15, 2017, the merger was approved by the Asian Commission. On August 22, 2017, the merger was approved by Chinese authorities. On September 5, 2017, the merger was approved by Singaporean authorities. The Philippines is the last country needed for its approval as Korean has approved the merger.

In the wake of the presidency of Rodrigo Duterte, PLDT's ownership of TV5 Network has been considered a potential source of scrutiny for the deal, as Duterte has repeatedly criticized the network for how it has covered his administration, and stated during his campaign that he planned to block the acquisition because of the potential impact of the resulting consolidation. Following his election, however, his transition team stated that the government planned to evaluate the deal without prejudice.

On November 8, 2017, reports of a meeting between Lopez CEO Manuel M. López, indicated that Lopez had been recommended to divest ABS-CBN or Nation Broadcasting Corporation, seek alternative antitrust remedies, or abandon the acquisition. Some news outlets reported that Lopez had been ordered to specifically divest TV5 Network, but these claims were denied by both Stephenson and a government official the following day, with the latter criticizing the reports as being an effort to politicize the deal. Stephenson also disputed the relevance of TV5 Network to the antitrust concerns surrounding the acquisition, as Lopez does not already own a national news channel.

On November 20, 2017, the Department of Justice filed an antitrust lawsuit over the acquisition; Manuel M. López stated that the deal would "greatly harm Filipino consumers". Lopez asserts that this suit is a "radical and inexplicable departure from decades of antitrust precedent".

On December 22, 2017, the merger agreement deadline was extended to June 21, 2018.