ABS-CBN Corp. is in talks with real estate developers, including Rockwell Land, for "possible redevelopment" of its property on Sgt. Esguerra Avenue and Mother Ignacia Avenue in Diliman, Quezon City.
ABS-CBN made the clarification in a Philippine Stock Exchange disclosure on March 13, adding that there were redevelopment discussions even ahead of the COVID-19 pandemic.
This came in response to business news website Bilyonaryo's report about the planned demolition of the ABS-CBN headquarters—almost three years since being denied the renewal of its franchise.
Paul Michael Villanueva Jr., ABS-CBN chief risk management officer and chief compliance officer, however said that no deal has been agreed upon "at this time."
Citing an anonymous source, Bilyonaryo reported that the ABS-CBN building has practically been empty due to the mass layoffs brought about by the franchise denial, as well as the increase of remote work at this time.
The source also told Bilyonaryo that ABS-CBN officers and staff were informed that their offices will relocate to the adjacent Eugenio Lopez Jr. Communications Center later this year in preparation for the planned demolition.
To date, ABS-CBN is operating no longer as a network but as a "content creator," providing shows to other networks including TV5, A2Z, and GMA.