Lopez family's 3 branches to pour ₱2.2 billion into ABS-CBN

The three family branches controlling conglomerate Lopez Inc. are pouring in over ₱2 billion worth of investment in ABS-CBN Corporation—a move symbolizing the significance of the media giant as the Lopez family’s crown jewel.

In a news release, the Lopez group said the three branches of the family—controlling Crème Investment Corporation, Mantes Corporation, and Presta Holdings Company Inc.— are investing ₱2.2 billion in the decades-old media and entertainment company.

The funds would come from their “personal resources.”

The Lopez group said funds are “meant to address obligations due to long-serving employees and to support ABS-CBN's recovery plans.”

Creme Investment represents the family branch of former ABS-CBN chairman Eugenio “Gabby” Lopez III.

The Mantes Corporation, meanwhile, represents the Manolo Lopez branch in Lopez Inc. while Presta Holdings is tied to the heirs of Prescy Lopez.

"ABS-CBN has been part of this family for generations," said Gabby Lopez.

"The mission our family set out to pursue remains the heartbeat of this family—to be in the service of the Filipino. We are putting our own money behind this conviction,” he added.

Details surrounding the investment are to be finalized with ABS-CBN.

The latest development came after Gabby Lopez announced that his family branch's holding company, Crème Investment Corp., has finalized the sale of its 25.7% stake in Lopez Inc. to tycoon Ramon S. Ang.

Gabby said he sold the stake for the sake of his family.

The sale came months after a row within the Lopez conglomerate amid a reported attempt to remove Gabby’s cousin, Federico “Piki” Lopez as chief of Lopez Inc., which was eventually withdrawn.

“The first is my family. This dispute has not been good for any of us, or for the people who work in our companies. This allows us to take a step towards the restoration of family peace," Gabby said. — BM, GMA News