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BUSINESS PROFILE ABS-CBN Broadcasting Corporation (ABS) is the largest integrated media and entertainment company in the Philippines with an asset base of P24 billion (US$503 million) as of 31 December 2006. ABS is principally involved in television and radio broadcasting, as well as the production of television programming for domestic and international audiences and other related businesses. ABS-CBN traces its roots from Bolinao Electronic Corporation (BEC), which was established in 1946 as an assembler of radio transmitting equipment. In 1952, BEC changed its corporate name to Alto Broadcasting Corporation (Alto). On 24 September 1956, the Lopez-owned Chronicle Broadcasting Network (CBN) was organized. In 1957, Alto acquired CBN and on 01 February 1967, the corporate name was changed to ABS-CBN Broadcasting Corporation. The company's congressional franchise, Republic Act No. 7966, which allows ABS to operate television and radio stations, was renewed on 30 March 1995 for 25 years. ABS operates in three major geographical areas. In the Philippines, it is involved in broadcasting, cable operation and other businesses. In the United States and other locations (Middle East, Europe, Japan, Australia, and Asia Pacific), ABS operates its cable and satellite operations to bring television programming outside the Philippines. The company's activities outside the Philippines represent approximately 25%, 23% and 20% of total revenues in 2006, 2005, and 2004, respectively. On 21 July 2005, ABS and its subsidiary, ABS-CBN International, signed an affiliation agreement with DirecTV, one of the leading DTH system provider in the US. Under the deal, DirecTV will have the exclusive right to air The Filipino Channel package on its DTH platform. ABS' Very High Frequency (VHF) television network, which consists of its flagship station in Mega Manila, Channel 2, 23 other owned and operated television stations, and ten affiliated stations, is the leading television network in the Philippines. ABS also operates Studio 23, the leading Ultra High Frequency (UHF) television network with 35 television stations. The two networks reach an estimated 97% and 50% of all television owning households in the Philippines, respectively. Source: SEC Form 17-A (2006) |
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