Manuel V. Pangilinan, chairman of the Philippine Long Distance (PLDT) group of companies, will not become a kapamilya  despite persistent market rumors that media giant ABS-CBN Broadcasting Corp. could be his next target for acquisition after his purchase into power distributor Manila Electric Co. (Meralco).

Both Meralco and ABS-CBN are part of the Lopez business empire.

In a chance interview, ABS-CBN chairman and chief executive Eugenio “Gabby” Lopez III said he is not interested in entering into partnerships as far as the network is concerned.

“No, we are not in talks [with Pangilinan]. I’m not interested. What for? I’m saying that with finality,” he said.

He added, though, that they maintain a good working relationship with the PLDT group as ABS-CBN is one of the content providers of the telecom giant. For his part, Pangilinan, in earlier interviews, has denied talks about a possible investment in ABS-CBN.

Some market analysts, however, had predicted that Pangilinan may position his group for a stake in the media network to complete his planned convergence, wherein telecommunication companies can directly offer broadcast and Internet services and cable TV operators providing basic telephony.

The PLDT group earlier looked at GMA Network but negotiations did not prosper.

ABS-CBN is the largest integrated media and entertainment company in the Philippines with an asset base of P24 billion. It is principally involved in television and radio broadcasting, as well as the production of television programming for domestic and international audiences and other related businesses.

Known for its flagship station, Channel 2, ABS-CBN traces its roots from Bolinao Electronic Corp. (BEC), which was established in 1946 as an assembler of radio transmitting equipment. In 1952, BEC changed its corporate name to Alto Broadcasting Corp. (ABS). Four years after, the Lopez-owned Chronicle Broadcasting Network (CBN) was organized. In 1957, ABS acquired CBN and on February 1, 1967, the corporate name was changed to ABS-CBN Broadcasting Corp.

With the imposition of martial law in September 1972, ABS-CBN’s operations ceased since the government took over the company’s studios and equipment. ABS-CBN resumed commercial operations in February 1986 during the height of the Edsa revolution.

The Lopez Inc. of the Lopez family currently owns 57.2 percent of ABS-CBN. Lopez personally owns 651,190 shares of the broadcasting giant.

The company’s shares were valued P15 each at the end of trading on Wednesday.

abs-cbnNEWS.com is the online news department of ABS-CBN Interactive Inc., a subsidiary of ABS-CBN Broadcasting Corp. ABS-CBN and Manila Electric Corp. are both part of the Lopez Group of Companies.