ABS-CBN Corp. has incurred a net loss of P3.93 billion in the first half of 2020, reversing its P1.46-billion income a year earlier, after problems with securing a new congressional franchise affected its profitability. The filing comes after 70 lawmakers voted on July 10 to deny granting ABS-CBN a new broadcasting franchise. The franchise denial prompted its supporters to mount protests and social media users to express outrage, calling the denial a blow to press freedom. ABS-CBN shares added 3 centavos or 0.41 percent to finish at P7.28 each on Thursday. WITH REPORTS FROM DIVINA NOVA JOY DELA CRUZ AND ARIC JOHN SY CUA

Source: Manila Times August 20, 2020 16:25 UTC