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ABS-CBN now owns 5% of social networking site Multiply.com

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The other day while watching television, I commented to my wife why these local television networks wouldn’t setup their own social network site instead of using multiply. It’s a logical business extension of their media business.

Well I guess, I spoke too soon because ABS-CBN Global Ltd has bought a 5% stake in the social networking site Multiply. The stocks (about 2.5M) was purchased at $1.9806 each totalling to about $5 million USD.

Under the purchase agreement, ABS-CBN Global can bring up it’s ownership up to 10% of the authorized capital stock of Multiply Inc. within a 2-year period. It was not indicated at what price the additional stock purchases, if any, will be based.

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