ABS-CBN raises $60m for digital expansion

ABS-CBN of the Philippines has raised 2.5 billion Philippines Pesos (about $60 million) for digital TV expansion. The cash is part of a larger plan, totalling P4 billion (about $95 million), with P1.5 billion of the cash coming from a sister company of current owners the Lopez Group.

However, P2.5 billion will come from a new investor in the form of Capital International Private Equity Fund VI LP, according to a statement to the Manila stock exchange.

ABS-CBN’s CFO says the cash will be spent on the broadcaster’s distribution network, and to fund expansion into digital terrestrial TV.

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