Net Worth of ABS-CBN Owner Oscar Lopez Following the Shutdown of Kapamilya Network
ABS-CBN OWNER OSCAR LOPEZ – The net worth of the ABS-CBN Corporation owner dropped by almost 50% following the network’s shutdown.
More than three months ago, the National Telecommunications Commission (NTC) released a Cease and Desist Order against ABS-CBN. It was due to the expired franchise of the network.
Undeniably, a lot of issues were surrounding the network thus its franchise renewal was not approved. Thirteen hearings were set held in the Congress to discuss the said issues.
The hearings tackled the taxes paid by ABS-CBN and as well as the nationality of its chairman emeritus, Eugenio “Gabby” Lopez III. The people were divided on their stand over the matter.
Last July 10, the House Franchise Committee voted on whether or not to deny ABS-CBN on its bid for a fresh 25-year franchise. The result of the voting left countless hearts broken.
70 lawmakers voted to deny the network of a new franchise while 11 members of the House were in favor of giving the network a franchise. The denial of the bid was followed by the employee retrenchment.
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More than 10 thousand people are employed in ABS-CBN. The retrenched employees included several prominent personalities most especially those working in the news category.
ABS-CBN is undeniably one of the biggest companies the Philippines. The shutting down has affected the earnings of its owner.
Based on the list of Forbes of the richest people in the Philippines this 2020, the net worth of ABS-CBN owner Oscar Lopez dropped by almost 50% following the shutdown of the network.
From $460 million or around Php 22.3 billion in 2019, the net worth of ABS-CBN owner Oscar Lopez is now at $240 million or around Php 11.6 billion. It moved him from the 27th to the 32nd spot this 2020.
Lopez has several businesses including property development and telecommunications. However, most of his income is coming from the network.
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