ABS-CBN appoints new CEO, takes over 5 subsidiaries

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MANILA, Philippines – ABS-CBN Corp. announced on Friday that it will be taking over five wholly owned subsidiaries.

“The purpose of the merger of the wholly owned subsidiaries is to clean-up the corporate structure of ABS-CBN Corporation,” the network giant told the Philippine Stock Exchange.

The company’s board of directors okayed the merger of ABS-CBN Interactive, Inc., ABS-CBN Multimedia, Inc., Sarimanok News Network, Inc., Sapientis Holdings Corporation and Studio 23, Inc., under the umbrella of ABS-CBN as the sole corporation, under the leadership Carlo Katigbak, the network’s new chief operating officer.

Aside from this announcement, the network also declared a P0.60 cash dividend for each of its common stock shares, payable by 20, 2015, to stockholders on record as of March 20, 2015.