ABS-CBN Corporation

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This article is about the Philippine media and entertainment conglomerate. For the television channel, see ABS-CBN. For other uses, see ABS-CBN (disambiguation).

ABS-CBN Corporation
Formerly
  • Bolinao Electronics Corporation (1946–1953, 1957–1967)
  • Alto Sales Corporation (1953–1957)
  • Chronicle Broadcasting Network, Inc. (1956–1957)
Company typePublic
PSE: ABS
IndustryMass media
Entertainment
FoundedJune 13, 1946; 77 years ago (1946-06-13)
Founders
HeadquartersELJ Communications Center
(Corporate)
ABS-CBN Broadcasting Center
(Broadcasting),
Quezon City, Metro Manila
,
Philippines
Area served
Worldwide
Key people
ProductsBroadcasting
Motion pictures
TV production
Cable television
Internet
Streaming service
Broadcast syndication
Record label
Telecommunications
Satellite television
Film distribution
RevenueDecrease ₱21.42 billion (FY 2020)[2]
Decrease -₱13.48 billion (FY 2020)[2]
Decrease -₱13.53 billion (FY 2020)[2]
Total assetsDecrease ₱58.85 billion (FY 2020)[2]
Total equityDecrease ₱17.12 billion (FY 2020)[2]
Owner
Number of employees
11,068 (estimated 2018; 900 non-regular workers and 3,325 talents)[2]
ParentLópez Holdings Corporation
Divisions
SubsidiariesList of subsidiaries
Websiteabs-cbn.com/corporate

ABS-CBN Corporation is a Filipino media company based in Quezon City, Metro Manila, Philippines. It is the largest entertainment and media conglomerate in the Philippines. It is a subsidiary of Lopez Holdings Corporation which is owned by the López family[4] ABS-CBN was formed by the merger of Alto Broadcasting System (ABS) and Chronicle Broadcasting Network (CBN).

ABS was founded in 1946 by American electronics engineer James Lindenberg as Bolinao Electronics Corporation (BEC). In 1952, BEC was renamed Alto Broadcasting System (ABS) with its corporate name, Alto Sales Corporation after Judge Antonio Quirino, brother of President Elpidio Quirino, purchased the company and later launched the first TV station in the country, DZAQ-TV on October 23, 1953. The company that would later be merged with ABS to form ABS-CBN was founded in 1956 as Chronicle Broadcasting Network, Inc. (CBN) by Eugenio Lopez Sr. and his brother Fernando Lopez, who was the sitting Vice President of the Philippines. A year later, the Lopezes acquired ABS. The ABS-CBN brand was first used on television in 1961. The company became known as ABS-CBN Broadcasting Corporation on February 1, 1967. The conglomerate started to adapt the ABS-CBN Corporation name on May 27, 2010 to reflect the company's diversification, although the ABS-CBN Broadcasting Corporation name is still used alternatively on some uses.[a] The common shares of ABS-CBN were first traded on the Philippine Stock Exchange in July 1992 under the ticker symbol ABS.[5]

The conglomerate mainly focus as a content company, which includes producing television programs, films and other entertainment contents and distributions.[6]

History

See also: History of ABS-CBN

The company was founded on June 13, 1946, as Bolinao Electronics Corporation (BEC). BEC was established by James Lindenberg, one of the founding fathers of Philippine television,[7] an American electronics engineer who went into radio equipment assembly and radio broadcasting. At that time, the largest media company was Manila Broadcasting Company (MBC), with DZRH as the leading radio station. In 1949, James Lindenberg shifted Bolinao to radio broadcasting with DZBC and masterminded the introduction of television to the country in 1953.[8]

In 1951, Lindenberg partnered with Antonio Quirino, brother of then-Philippine President Elpidio Quirino, in order to try their hand at television broadcasting. In 1952, BEC was renamed as Alto Broadcasting System or ABS (with Alto Sales Corporation as its corporate name). "Alto" was a contraction of Quirino's and his wife's first names, Tony and Aleli. Though they had little money and resources, ABS was able to put up its TV tower by July 1953 and import some 300 television sets. The initial test broadcasts began in September of the same year. The very first full-blown broadcast was on October 23, 1953, of a party in Tony Quirino's humble abode. The television station was known as DZAQ-TV.[8]

On June 16, 1955, Republic Act No. 1343 signed by President Ramon Magsaysay granted the Manila Chronicle its broadcasting franchise, leading to the formation of the Chronicle Broadcasting Network.[9][10]

The Chronicle Broadcasting Network (CBN) was founded on September 24, 1956 by Eugenio Lopez Sr. and the then-Philippine Vice President Fernando Lopez. The network initially focused only on radio broadcasting. It launched its very own TV station, DZXL-TV 9, on April 19 (or July[11]), 1958.[8] On February 24, 1957, Don Eugenio acquired ABS from Quirino and Lindenberg. A month later, Don Eugenio also acquired Monserrat Broadcasting System.[12]

In 1958, the network's new headquarters at Dewey Boulevard were inaugurated, and all radio and television operations were consolidated into its two buildings – the radio stations at the Chronicle Building at Aduana Street, Intramuros, Manila and the TV operations at the brand new Dewey Boulevard building in Pasay, Rizal.[8]

The ABS-CBN brand was first used in 1961. However, it was only on February 1, 1967, that the corporate name was changed to ABS-CBN Broadcasting Corporation. Before it was named ABS-CBN Broadcasting Corporation, the corporate name was Bolinao Electronics Corporation (BEC).

YouTube hacking incident

On November 3, 2020, the YouTube channels of ABS-CBN News and ANC 24/7 were terminated for several hours, allegedly due to a “violation of YouTube’s Terms of Service.” It is unclear what the violation was, however, it was later confirmed by YouTube that the channels were targeted by hackers instead.[13] Both channels were reinstated on the same day, at around at 3:58 P.M (PHT).[14][15][16]

Assets and subsidiaries

Main articles: List of ABS-CBN Corporation subsidiaries and List of real estate properties owned by ABS-CBN

ABS-CBN Corporation owns major of media and entertainment companies in the Philippines, and offers services and products such as television and radio broadcast, satellite and cable, broadcast syndication, telecommunications, publishing, content production and program and film distributor, television production, film production, new media and digital platforms, talent agencies, pay TV and broadband internet provider, consumer sales and merchandise, music label and recording, and theater.[17][b] The group owns and operates Kapamilya Channel and ABS-CBN News Channel under ABS-CBN as well as the Teleradyo and MOR Entertainment digital radio networks. The Kapamilya Channel, in particular, is the largest contributor to the group's revenue mainly from selling airtime to advertisers. The remaining revenue is generated from block-timing with A2Z and TV5 as well as from consumer sales, mainly from ABS-CBN Global Ltd. and ABS-CBN International, which distributes international television channels such as TFC HD,[18] ANC Global, Cinema One Global, Cine Mo! Global, Teleradyo Global and Myx Global[19] and also from pay TV and broadband internet provider Sky Cable Corporation.

Other companies which operate under the ABS-CBN group are motion picture companies under ABS-CBN Film Productions, such as Star Cinema, Cinema One Originals, Cine Bro and Black Sheep Productions,[20] television production companies ABS-CBN Entertainment, Dreamscape Entertainment, Star Creatives, RCD Narratives, JRB Creative Production and RGE Drama Unit under RSB Scripted Format,[21][22] entertainment and film production Star Magic Studio[23] (under Star Magic), online ticketing and streaming site KTX, they also operate music recording labels under ABS-CBN Music, such as Star Music and its subsidiaries, Tarsier Records,[24] and MYX Global, publishing firm ABS-CBN Publishing and ABS-CBN Books, pay TV content provider and distributor Creative Programs, telecommunications company ABS-CBN Convergence which owned by the company with 68% co-owned with Globe Telecom, and talent agencies Star Magic, its divisions such as Star Hunt, Polaris, and Rise Artists Studio.[25] They also operate the main entertainment and production division of ABS-CBN, Star Creatives Group. Among the pay TV networks and channels under the ABS-CBN group are ANC, Cinema One, Cine Mo!, Jeepney TV, Kapamilya Channel, Knowledge Channel, Metro Channel, Myx and TeleRadyo. In recent years, ABS-CBN has ventured and diversified in other businesses such as over-the-top platform iWant TFC, TFC IPTV and web-based channel Kapamilya Online Live. Both iWant TFC and Kapamilya Online Live are under ABS-CBN Digital Media, a new media and digital division under ABS-CBN which also handles news.ABS-CBN.com and ABS-CBN.com. ABS-CBN is also the principal owner of the ABS-CBN Philharmonic Orchestra. It also owns ABS-CBN Studios, Inc. which operates its production facilities nationwide, including the ABS-CBN Soundstage located in Bulacan and Regional production facilities. And the newly relaunched theater arm of ABS-CBN, Teatro Kapamilya.[23] Aside from the ABS-CBN Soundstage, ABS-CBN also has other real estate properties for the company's operations.

Notes

  1. ^ The name ABS-CBN Broadcasting Corporation is still used alternatively nowadays even after the company started to adapt the ABS-CBN Corporation name on May 27, 2010 on some uses, such as the sign-on and sign-off of ABS-CBN until June 26, 2012, at the end of credits of Maalaala Mo Kaya until late 2010s, and on some news articles that are related to the network and media conglomerate.
  2. ^ ABS-CBN Corporation is the Philippines largest media and entertainment conglomerate in terms of assets, revenue, international services, revenue, operating income, net income, assets, equity, market capitalization, and number of employees.

References

  1. ^ "ABS-CBN elects Gabby Lopez as chairman emeritus, Mark Lopez as chairman". ABS-CBN News. April 19, 2018. Retrieved April 19, 2018.
  2. ^ a b c d e f Uy, C. (January 17, 2021). SEC Form 17-A (PDF) (Report). Philippine Stock Exchange.
  3. ^ a b c PSE Disclosure Form POR-1 (Public Ownership Report) (Report). Philippine Stock Exchange. April 22, 2021.
  4. ^ For citations about ABS-CBN Corporation being the largest entertainment and media conglomerate in the Philippines:
  5. ^ "ABS-CBN Corporation stock data". PSE EDGE portal. Philippine Stock Exchange. April 13, 2018. Stock Data > Listing Date. Retrieved April 13, 2018.
  6. ^ "ABS-CBN evolves into a content company to produce content for viewers worldwide | ABS-CBN Corporate". ABS-CBN. Retrieved October 30, 2021.
  7. ^ "Farewell to the Father of Philippine Television". ABS-CBN. April 30, 2009. Archived from the original on November 7, 2011. Retrieved May 8, 2011.[self-published source]
  8. ^ a b c d Anastacio, Ellen Joy; Badiola, Janine Natalie (2000). The History of Philippine Television (Thesis). UP-CMC Broadcast Department. Retrieved March 27, 2012.
  9. ^ "R.A. No. 1343". The Corpus Juris. June 16, 1955. Retrieved June 13, 2020.
  10. ^ Rodrigo, Raul (2006). Kapitan: Geny Lopez and the story of ABS-CBN. ABS-CBN Publishing. p. 45. ISBN 978-971-816-111-1.
  11. ^ "Article". news.google.com. Retrieved October 14, 2019.
  12. ^ Rodrigo, Raul (February 28, 2020). "How Don Eugenio Lopez bought ABS from the Quirinos to build a broadcast giant". ANC X. Retrieved July 16, 2022.
  13. ^ "YouTube Takes Down ABS-CBN News Accounts For Nine Hours After 'Hack'". One News PH. Retrieved November 4, 2020.
  14. ^ "ABS-CBN News' YouTube channel down, account 'terminated'". Rappler. November 3, 2020. Retrieved November 6, 2020.
  15. ^ "Hackers attack ABS-CBN News' YouTube channels". Rappler. November 3, 2020. Retrieved November 6, 2020.
  16. ^ Mercado, Neil Arwin (November 3, 2020). "ABS-CBN News' YouTube account 'terminated'; investigation underway". INQUIRER.net. Retrieved November 6, 2020.
  17. ^ Corporation, ABS-CBN. "ABS-CBN Corporation Assets, Divisions, and Subsidiaries". ABS-CBN. Retrieved July 19, 2021.
  18. ^ "Filipino TV Channels | Xfinity". www.xfinity.com. Retrieved April 8, 2021.
  19. ^ "Intelsat 19: 4180 H - LyngSat". www.lyngsat.com. Retrieved April 7, 2021.
  20. ^ News, ABS-CBN (June 12, 2018). "Growing family: ABS-CBN Films no longer just Star Cinema". ABS-CBN News. Retrieved April 7, 2021. {{cite web}}: |last= has generic name (help)
  21. ^ News, Miguel Dumaual, ABS-CBN (June 17, 2020). "Reimagining within lockdown limits: Why some shows could go on, some couldn't". ABS-CBN News. Retrieved April 7, 2021. {{cite web}}: |last= has generic name (help)CS1 maint: multiple names: authors list (link)
  22. ^ "Joshua Garcia joins Charlie Dizon, Jameson Blake in TV series Viral". PEP.ph. Retrieved May 14, 2021.
  23. ^ a b "Star Magic, ibibida ang galing ng Pilipino sa mundo | ABS-CBN Corporate". ABS-CBN. Retrieved June 20, 2021.
  24. ^ News, ABS-CBN (March 30, 2021). "Tarsier Records launches new acts in 'Class of 2021'". ABS-CBN News. Retrieved April 7, 2021. {{cite web}}: |last= has generic name (help)
  25. ^ Corporation, ABS-CBN. "Over 100 Kapamilya stars to stream on Kumu starting March 15 | ABS-CBN Corporate". ABS-CBN. Retrieved April 7, 2021.

Further reading

External links

Wikimedia Commons has media related to ABS-CBN Corporation.
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