MANILA, Philippines - Media giant ABS-CBN Broadcasting Corp. expects to perform better in the second quarter of 2010 compared to the previous quarter.
At the sideline of the company's stockholders meeting on Thursday, ABS-CBN chairman and chief executive officer Eugenio Lopez III said that political ad spending will not be that much of a factor in the second quarter, but growth in non-political ad revenues will continue to be significant.
Lopez also said net income for the entire year will double from last year.
For the first 3 months of 2010, ABS-CBN announced a six-fold increase in net income to P1.09 billion, helped by higher airtime revenues from both regular advertisers and candidates vying for posts in the May elections.
New name
Meanwhile, the country's largest media conglomerate is dropping the word "Broadcasting" in its corporate name, and will now be known as ABS-CBN Corporation.
Lopez said this is in recognition of how technology has changed the media landscape.
"The media business has gone beyond merely broadcasting to encompass other platforms," he noted.
ABS-CBN has interests in radio, free-to-air and cable television, movie production, publishing, and online news and content distribution service.
abs-cbnNEWS.com is the online news department of ABS-CBN Interactive Inc., a subsidiary of ABS-CBN Broadcasting Corp.
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