Abs Cbn

Philippines media giant takes stake in Multiply — ABS-CBN Broadcasting Corporation, the largest integrated media and entertainment company in the Philippines has acquired a 5% stake in social networking site Multiply. The 5% stake worth a neat $5 million comes with a stock purchase agreement that ABS-CBN Global may, during the two-year period following the initial purchase of shares, acquire additional shares in Multiply to bring its ownership to as much as 10%. Although Multiply doesn’t get a lot of attention in the United States, the company has become one of the biggest social networking sites in Asia, ranking as the 6th most popular site in the Philippines... [Tags: 5 million, 6 million, abs cbn, asia, broadcasting corporation]

Multiply Gets $100M Valuation As South Asian Media Conglomerate Buys 5% Stake — Philippines-based media company ABS-CBN Broadcasting Corporation has paid $5 million for a 5% stake in Multiply, the media-centric social network with a userbase primarily composed of adults. The investment pegs Multiply’s valuation at $100 million, which is within range (though on the lower end) of our social network valuations based on past deals. ABS-CBN also has the right to purchase up to 10% of Multiply within the next two years. Multiply has a significant presence in the Philippines, with around 3 million users. ABS-CBN plans to capitalize on its investment through advertising, and by eventually offering a mobile version... [Tags: 100 million, 5 million, abs cbn, adults, broadcasting corporation]