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Share to Twitter Share to Linkedin ABS-CBN Corp. —controlled by tycoon Oscar Lopez —has agreed to buy a stake in rival television network TV5 as the company, which once dominated the Philippine media industry until the government forced it off the airwaves two years ago, seeks to revive its business. Under the deal, ABS-CBN agreed to pay Mediaquest—a unit of Philippine telecommunications giant PLDT’s trust fund—2.2 billion pesos ($39.5 million) to acquire the 35% stake in TV5, according to a regulatory filing on Thursday. The deal comes two years after ABS-CBN lost its free-to-air franchise. The Philippine Congress started reviewing the company’s application to renew ABS-CBN’s franchise for another 25 years in December 2019, but had not reached a decision by the time the license expired in May the following year. While ABS-CBN has been broadcasting its shows through digital channels and some of its content is also being aired by TV5, it remains in … [Read more...] about Philippines’ ABS-CBN To Buy Stake In Rival TV Network As Former Media Giant Seeks To Revive Business

Share to Twitter Share to Linkedin Welcome to the Checks & Imbalances newsletter . Today we get you caught up on this week’s abundance of Trump news. Mar-A-Lago Is Looking To Hire 91 Foreign Workers This Year M ar-a-Lago, former president Donald Trump’s private club-cum-legal residence at the center of an investigation into his handling of classified government documents, has relied on temporary foreign workers to keep the sprawling estate humming. Last year, the Trump Organization sought 87 foreign workers for the Palm Beach property, up from 78 a few years earlier. It’s not clear how many were hired, but no doubt at least some likely had backstage access to political theater (maybe even scraps of presidential records floating in toilets ). On Monday, the Federal Bureau of Investigation raided Mar-a-Lago, with one of Trump’s attorneys confirming the agency’s search related to an investigation into his handling of classified … [Read more...] about Checks & Imbalances: Mar-A-Lago’s Busy Week

GAS PRICES SHATTER RECORD HIGHS… USA TODAY: Gas prices are now the most expensive in US history, breaking record from 2008 After days of dramatically rising gas prices in wake of Russia’s invasion of Ukraine, the national average for a gallon of gas is now the highest in United States history, breaking the record that stood for nearly 14 years. As of Tuesday morning, the cost of regular gas in the U.S. is $4.17, according to AAA, up from $4.06 on Monday. Last week, the average cost was $3.60. The previous national average high was $4.11, set on July 17, 2008, according to AAA. The cost for diesel is also nearing the record of $4.84, which was also set in July 2008. The current price for a gallon of diesel is $4.75, over double what it was in October 2020. WORSE THAN HOLLYWOOD COULD IMAGINE… ‘I Am Legend’ Set A Prediction For Gas Prices In The Apocalypse. Prices In Beverly Hills Just Surpassed It In one rich pocket of the country, gas is officially more … [Read more...] about Editor Daily Rundown: Gas Prices Shatter Record Highs