Something huge just happened in the local cable TV market, folks! We're talking about Sky Cable Corp. officially acquiring Solid Group Inc.'s Destiny Cable.
But it's not only Destiny Cable that was gobbled up by Sky Cable. Solid Group Inc. (which also owns the MyPhone brand) also sold Solid Broadband Corp. and Uni-Cable TV Inc. This could mean that the acquisitions not only point to strengthening and improving Sky's cable TV services but also its broadband service under Sky Broadband (have you checked out its 100Mbps service? If not, click here). Anyway, Rodrigo Montinola, Sky Cable's COO, says the whole deal is worth no less than P3 billion. Whoa!
In case you didn't know, before the papers were signed, Sky Cable has about 500,000 cable TV subscribers nationwide while Destiny Cable has around 200,000 by the end of 2010. According to David Lim, President of Destiny Cable, Solid Broadband and Uni-Cable, stated that the deal was all about improving the services for Destiny Cable and MyDestiny broadband Internet subscribers.
As for current customers, Lim assures that there will be no higher fees because of the acquisition. “As we plan these out, we will take extra care not to disrupt the existing services of the current subscribers. They will continue to pay same monthly fees for their subscribed plans, at the same payment centers, and can continue to reach customer service at the same numbers," he says.
We sure hope so. Anyway, Sky Cable is bound to get even bigger, which is not good news for its other, remaining rivals.