Seen as a fallback measure, Lopez-led ABS-CBN seeks to make a mark in the country’s theater space after it inked a deal with Ten Bridges Media Corp./ Atlantis Theatrical for the production of three Broadway shows.
The partnership, announced only on Monday, already began in March with the staging of “Angels in America: Millenium Approaches.”
“ABS-CBN’s venture into theater production, a first for a media and entertainment company, is among the company’s efforts in expanding its experience business. It is another step forward in creating new possibilities for local theater, which has grown tremendously over the past few years, with its abundance of talent and opportunities locally,” Bobby Barreiro, ABS-CBN head of integrated events, was quoted as saying in a statement.
The second production would be “Beautiful: The Carole King Musical,” which will open on June 14.
The last production would be the Stephen Sondheim-Hugh Wheeler masterpiece “Sweeney Todd,” which will feature Tony Award winner Lea Salonga and rock icon Jett Pangan.
In April, the broadcast giant said its shareholders provided the go-signal to pursue its deals with cosmetics brand Ever Bilena Cosmetics Inc. (EBCI), information and technology firm iBayad Online Ventures, and The Chosen Bun Inc.
Japhet Louis Tantiangco, research analyst at Philstocks Financial Inc., told The Manila Times earlier these moves could “serve as a cushion” once it failed to secure franchise renewal.
“Now these investments could serve as a backup in case of a franchise lapse. But at the same time broadcasting has been the primary business of ABS-CBN plus it could help its investments through televising. So I think the firm is still going to do everything it can to renew its franchise,” he said in a mobile message.
President Rodrigo Duterte said in November he would “object” to the renewal of the network’s franchise, which is set to expire next year, amid allegations that ABS-CBN aired a political advertisement against him, without even showing Duterte’s paid campaign ad.
https://www.manilatimes.net/abs-cbn-inks-theater-production-deal/567540/
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