ABS-CBN buys 5% of Multiply.com
ABS-CBN purchased 2,524,488 shares of social networking site Multiply. This amounted to to $5,000,000.93 or 5% of the company. You can read the reports from the following sites:
- ABS-CBN acquires minority stake in Multiply (ABS-CBN News)
- ABS-CBN buys 5% stake in Multiply (Inquirer.net)
- Multiply Gets $100M Valuation As Southeast Asian Media Conglomerate Buys 5% Stake (TechCrunch)
Some people may remember a prior partnership between the two companies last year. It looks like the Kapamilya Network is taking things to the next level.
Multiply is a remarkably popular service for Filipinos as it provides an all in one package for blogging and uploading various multimedia. ABS-CBN is notable for having promoted many of its TV shows online through Multiply profiles more so than subsections of its official website.
Clearly, the media company knows where to go where the buzz is, and whether or not this deal’s pros are outweighed by the cons, it’s interesting to see how a company that built its name through traditional forms of media is slowly discovering what we now call social media.
