After the dissolution of its joint venture with NBC, MTV Networks Asia signed a licensing agreement with All Youth Channels, Inc. (AYC), which is run by some of the members of Music Source, including Lumen, to control both MTV Philippines and its sister channel, Nickelodeon. AYC owned and operated 100% of then-new MTV Philippines.
MTV Philippines was an exclusive channel on cable and satellite television systems. However, Lumen decided not to renew the contract (Except Nickelodeon Philippines, which is MTV Philippines's sister channel). There were also some posts claiming that instead of funding for MTV Philippines, they would support TV5 instead which they planned to be the next big thing on TV (which they branded UHF 41 as AksyonTV). 11 minutes before midnight of February 16, 2010, a final music video: Video Killed the Radio Star by The Buggles was played and afterwards, MTV Philippines officially signed off. After the closure, it had reverted to its original channel, MTV Southeast Asia. All Youth Channels owns Radio High 105.9 and formerly U92.3(now Radyo5 92.3 News FM)before selling it to TV 5.