Philippine media conglomerate ABS-CBN’s shareholders have approved next steps after the new Ps 6 billion (approx US$96 million) investment announced in August, and the company has committed to remaining Lopez-led while it rebuilds.

The new investments are from companies representing three branches of the Lopez family – Crème Investment Corporation, Mantes Corporation and Presta Holding Company Inc, as well as Lopez Inc and new investor I&C Holdings Corporation.

The shareholders have also approved increasing the ABS-CBN Board of Directors from seven to nine members to accommodate representatives of the additional investors.

The proposals were approved by stockholders representing 83% of ABS-CBN’s outstanding voting shares. The changes are being submitted to the Securities and Exchange Commission for approval. 

The company said the new investments were part of its continuing efforts to build the new ABS-CBN, which continues to reach audiences across television, streaming, digital, film, music, live events and international markets.

As part of the restructure, ABS-CBN said mid-September that it was cutting approx 200 jobs – 7% of its workforce. 

The Manila-based platform said that while recovery efforts were well under way, industry-wide challenges had “affected our recovery efforts and we expect these challenges to continue”. 

“We are in the process of re-building and re-creating ABS-CBN towards a new future as a global storytelling company,” it said, adding that the Middle East conflict, high inflation and low economic growth had led to weaker advertising and consumer spending.