Philippine media giant ABS-CBN Corp. said it will return to free-to-air television starting Saturday, three months after Congress denied it a new franchise.
The media company, in a disclosure to the stock exchange Tuesday, said some of its entertainment shows and movies will be seen on Channel 11 - now called A2Z Channel - through an agreement with Zoe Broadcasting Network Inc. Channel 11 is on analog TV in Metro Manila and nearby provinces, it said.
ABS-CBN has stopped broadcast since May when the government ordered it to shut its free TV and radio stations after its franchise expired. President Rodrigo Duterte has often criticized the network, accusing it of biased reporting, which the media company has denied.
ABS-CBN's shares slumped as much as 22% Tuesday, reversing earlier gains and after a 50% rally on Monday.