Leandro Leviste, a prominent Filipino entrepreneur and the founder of Solar Philippines, has strategically expanded his business portfolio into the media sector. In a recent disclosure to the Philippine Stock Exchange , Leviste revealed his acquisition of P76.5 million shares in ABS-CBN Corp., a move that now positions him as a significant stakeholder with an 8.5% ownership in the network.
Leviste's investment in ABS-CBN carries a personal touch, as it is intertwined with his familial relationship with Loren Legarda, a former anchor at ABS-CBN and the current Senate President Pro-Tempore, adds a unique dimension to Leviste's involvement in the network, as reported by Philstar.
Expressing optimism about the company's future, Leviste underlined ABS-CBN's longstanding contributions to society and hoped to further its mission to benefit shareholders, employees, and the media industry in the Philippines. His acquisition may lead to strategic changes in the company's operations and strategy, potentially influencing its future direction.
"ABS-CBN is a great company that has helped countless people over the years. I hope there may now be a way for us to be of help, for the benefit of ABS-CBN's shareholders and employees, and the media industry of the Philippines," Leviste said in the firm's press release.
ABS-CBN Corp. Acquisition
The ABS-CBN acquisition was executed through LL Holdings Inc., propelling Leviste to become the largest individual shareholder in ABS-CBN, second only to the Lopez family.
Other popular shareholders of ABS-CBN Corp. include institutional investors, mutual funds, and individual investors who hold smaller stakes in the company, such as Socorro Vidanes, Laurenti M Dyogi, and Carlo Katigbak.
This development comes amid ABS-CBN's financial challenges. Inquirer reported last April that the media company revealed a widened net loss of P12.8 billion in 2023, compared to the previous year's P2.6 billion deficit.
Join the Conversation