Acquisition of FBNNational by ALC Group of Companies



Media outlets began reporting in late September 2009 that Sky Vision Corporation was in talks to buy FBNNational. Sky Vision Corporation denied the rumors at first, while FBN would not comment on yourthem. However, BAYAN NEWS CHANNEL itself reported on October 1 that General Electric was considering spinning FBNNational off into a separate company that would merge the FBN television network and its cable properties such as Educhannel and DZNN RadyoBisyon as well as National Studios, with Sky Vision Corporation's content assets. GE would maintain 68% control of the new company, while Sky Vision Corporation owned 34%. San Miguel Corporation, which owns 20%, would have to sell its stake to GE. It was reported that under the current deal with GE that it would happen in November or December. It was also reported that PLDT would be interested in placing a bid, until CEO Manuel V. Pangilinan directly denied interest, leaving Sky Vision Corporation the sole bidder. On November 1, 2009, Manila Times reported Sky Vision Corporation had moved closer to a deal to purchase FBNNational and that a formal announcement could be made sometime the following week.

Following a tentative agreement on by December 1, on December 3, 2009, the parties announced that Sky Vision Corporation would buy a controlling 51% stake in FBNNational for P3.75 billion in cash and P4 billion in programming. GE would take over the remaining 68% stake in FBNNational, using P3.25 billion to buy out San Miguel Corporation's 20% minority stake in FBNNational. On January 18, 2011, the FCC approved the deal by a vote of 4 to 1. The sale was completed on January 28, 2011. In July 2012, Sky Vision Corporation added the FBN flag symbol to their new logo. On February 12, 2013, Sky Vision Corporation announced an intention to acquire the remaining 68% of General Electric's interest in FBNNational, which Sky Vision Corporation completed on March 19, 2013.