Media & Resources

Sky Cable buys Destiny Cable

May 14, 2012 - Lopez-led Sky Cable Corp. has struck a deal to acquire Solid Group's Destiny Cable television and related broadband Internet and pay TV businesses for P3.5 billion, thus solidifying its position as the leader in the cable TV industry.

Sky Cable signed late Friday a deal to buy the assets of Destiny Cable Inc., Solid Broadband Corp. and Uni-Cable TV Inc.

Solid Broadband owns the cable infrastructure that is used by pay TV provider Destiny Cable, while Uni-Cable is a niche cable TV provider in Cebu with estimated subscribers of between 3,000 and 5,000.

The consolidation of Solid Group's cable units with Sky Cable is seen giving the Lopez company a combined 45 percent share of the pay TV business serving about 650,000 households nationwide, said Sky Cable chief operating officer Rodrigo Montinola in a phone interview last Saturday.

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