After losing its franchise, ABS-CBN reportedly plans to demolish one of its iconic buildings.
According to the report of Bilyonaryo, the Lopez family, who owned ABS-CBN corporation, was planning to demolish their headquarters, which was built in 1968.
The said 3.4-hectare property located in Sgt. Esguerra Avenue and Mother Ignacia Avenue in Diliman, Quezon City, are planned to convert into commercial properties.
ABS-CBN headquarters was the current location of the studio of TV Patrol, and it was rumored that they were already being planned to transfer to the bigger Eugenio Lopez Jr Communications Center.
Bilyonaryo also wrote that one of the possible reasons the Lopez family converted the property was to keep the ABS-CBN network ‘to keep its operations going.’
The building was also not been fully used since the expiration of the network’s franchise, which caused mass layoffs to their thousands of employees.
A design from Deisng Corp International also published the property’s possible new look, which included “multi-level retail, rooftop lifestyle area, residential tower, office tower, and telecommunication tower.”
Some reports also indicated that the demolition was already planned for a long time.
While the decision saddened Kapamilya fans, they understood that the Lopez family was required to do some strategies to earn additional income to create more shows.