QUEZON CITY ACCUSES ABS-CBN OF NOT PAYING OVER P1 BILLION WORTH OF TAX!

THE Quezon City government on Monday said it was moving ahead to collect over P1 billion in unpaid business taxes owed by the ABS-CBN network.
“We are just trying to get back the correct taxes ABS-CBN must pay the city government,” City Treasurer Edgar Villanueva said. He referred to the Supreme Court’s October 2008 ruling favoring City Hall.ABS-CBN has religiously paid its franchise tax, equivalent to 0.57 percent of 1 percent of its annual gross receipts, but not the local business tax of 0.57 percent of 2 percent of the annual gross receipts that the Quezon City government has imposed.The amount has ballooned to over P1 billion since 2006.Earlier, the Quezon City government moved to collect about P823 million in similar back taxes from GMA Network. 

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ABS-CBN SAVES ALMOST P1 BILLION IN COST CUTTING MEASURES FOR 2011!

 

ABS-CBN's total operating and other expenses dropped by P969 million or 9% year-on-year to P10.4 billion. This was partly a result of lower cost of sales and services and general and administrative expenses (GAEX) as the company continued its effort to manage and control expenses. The decline in both expense accounts more than made up for the increase in total production costs due to the Company’s drive to produce quality and innovative programs.Capital expenditure and film and program rights acquisition for the first half of 2011 amounted to P2.1 billion, P542 million or 34% higher than the level of spending from previous year. Additional equipment was purchased to increase the company’s capacity to produce additional new programs.ABS-CBN maintained its national audience share and ratings leadership with prime-time audience share averaging 42% in the first quarter of 2011, with a 12 percentage point lead over GMA’s, based on the Kantar National TV Ratings figure.

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ABS-CBN WILLING TO SPEND P5 BILLION FOR THE NATIONAL DIGITAL SHIFT!

ABS-CBN Corp. plans to raise P5 billion for the rollout of digital terrestrial television (DTT) nationwide, company officials said.Rolando Valdueza, ABS-CBN chief finance officer, said the company has spent P500 million for a movie library for digital TV."It depends on the take-up. If necessary, we will do some fund-raising if we’re going to do a nationwide rollout," Valdueza said.Valdueza said the company is hopeful the commercial rollout of the new technology could take place this year.
The implementing rules and regulations on DTT were supposed to be released in June but Malacañang directed the NTC to evaluate the standard offered by a European consortium.ABS-CBN prefers the ISDTV technology of Japan, which is being tested in Pampanga.ABS-CBN launched in April a digital TV service called DTV digibox, which aims to capture 90 percent of low-income households without cable in the country.The digibox will be serve as the viewers’ gateway to five new premium TV channels on free-to-air TV. It will be initially available in Luzon this year then in the Visayas and Mindanao next year.Digibox rates range from P1,000 to P3,000.Customer can also watch other channels like ABS-CBN Channel 2, Studio 23, NBN and GEM.Since 2007, ABS-CBN has been laying the groundwork for the new technology, the broadcaster said. The network’s DTV system in place and ready to be rolled out in the second half of the year.

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ABS-CBN Nets P1.7 Billion for the First Half of 2011

The consolidated net income of ABS-CBN Corporation registered P1.7 billion for the first six months of the year.

ABS-CBN delivered consolidated revenues of P13.9 billion from advertising and consumer sales, an 18% decline compared to a year ago. Less the revenues from political advocacies and advertisement from the first six months of 2010, consolidated revenues in the first half of 2011 increased by 1% year-on-year.

ABS-CBN’s advertising revenues reached P8.8 billion, a decline of 24% from a year ago. Minus the revenues from political advocacies and advertisement in the first half of 2010, advertising revenues increased by 4% year-on-year.

Consumer sales for the first half of 2011 amounted to P5.1 billion, posting a 4% decrease or P219 million less from a year ago, mainly from ABS-CBN Global. ABS-CBN Global revenues declined by 14% year on year in peso terms due to the decline in subscribers and the appreciation of the Philippine peso against the US dollar. Meanwhile, Sky Cable continues to contribute positively with revenues increasing by 8% to P2.1 billion. This is mostly driven by the increased take up of its broadband service subscriptions which increased by 23% year-on-year

Total operating and other expenses dropped by P969 million or 9% year-on-year to P10.4 billion. This was partly a result of lower cost of sales and services and general and administrative expenses (GAEX) as the company continued its effort to manage and control expenses. The decline in both expense accounts more than made up for the increase in total production costs due to the Company’s drive to produce quality and innovative programs.

Net income attributable to shareholders for the first half of 2011 is at P1.7 billion, aided by a gain on sale of Sky Cable Philippine Depositary Receipts (PDRs) to the Singaporean company, STT Communications Ltd. Meanwhile, earnings before interest, taxes, depreciation and amortization (EBITDA) hit P4.0 billion.

Capital expenditure and film and program rights acquisition for the first half of 2011 amounted to P2.1 billion, P542 million or 34% higher than the level of spending from previous year. Additional equipment was purchased to increase the company’s capacity to produce additional new programs.

ABS-CBN maintained its national audience share and ratings leadership with prime-time audience share averaging 42% in the first quarter of 2011, with a 12 percentage point lead over GMA’s, based on the Kantar National TV Ratings figure.

For the period January to June 2011, eighteen of the company’s primetime shows were in the Top 20 with fifteen occupying the Top 13 slots: Emil Cruz Jr.’s Mara Clara, 100 Days To Heaven, Pablo S. Gomez’s Mutya, Minsan Lang Kita Iibigin, Guns And Roses, Pilipinas Got Talent (Saturday and Sunday), Noah, Maalaala Mo Kaya…, TV Patrol (Weekday), Imortal, Rated K Handa Na Ba Kayo?, Wansapanataym, Gandang Gabi Vice and Goin’ Bulilit.

ABS-CBN Global’s overall viewer count decreased by 1% year-on-year, driven by the decline in subscriber growth in the Middle East, Europe and Japan. Double digit subscriber growth continued to be experienced in Canada, and mid-to-high single digit subscriber growth in Asia-Pacific and Australia.

Sky Cable’s consolidated revenues from cable TV and broadband services grew 8% year-on-year, driven by strong growth in broadband subscriptions.

ABS-CBN Film Productions, Inc. released eight films in the first six months of this year. Four of them–Ang Tanging Ina Mo Last Na To, Dalaw, Catch Me I’m in Love and In The Name of Love–topped P100 million in box office receipts, earning blockbuster status by local standards.

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Verizon Wireless to pay $10 billion to parents

NEW YORK | Thu Jul 28, 2011 7:01pm EDT

NEW YORK (Reuters) - Verizon Wireless plans to pay a $10 billion dividend early next year to its parents, Vodafone Group Plc (VOD.L) and Verizon Communications (VZ.N).

Vodafone will receive $4.5 billion, or $1 billion less than the amount the British company's chief financial officer, Andy Halford, had said he expected as recently as June 30.

Verizon Wireless, the largest U.S. wireless service, said it would make the payout based on the stake held by each parent company. Vodafone owns 45 percent of Verizon Wireless, and Verizon Communications owns the rest.

Vodafone has not received a payout from Verizon Wireless since 2005, in large part because Verizon has focused on paying down debt.

Verizon, which controls the wireless unit, had recently signaled that it would be ready to pay a dividend in 2012.

There has also long been speculation that Verizon would try to buy out Vodafone's stake in the venture, although no deal has come to pass.

(Editing by Steve Orlofsky)

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