Businessman Leandro Leviste, the son of Senate President Pro Tempore Loren Legarda and owner of the renewable energy company Solar Philippines, has acquired an 8.5 percent interest in ABS-CBN Corporation.

ABS-CBN disclosed to the stock exchange that LL Holdings and its parent company Countryside Investments Holdings Corp. had purchased 76.5 million shares of the company.

The transaction makes Leviste the second-largest shareholder of the company after the Lopezes.

As of 1:50 pm on Thursday, ABS-CBN shares were up 9.9% to P4.95 a share.

“ABS-CBN is a great company that helped countless people over the years. I hope there may now be a way for us to be of help, for the benefit of ABS-CBN’s shareholders and employees, and the media industry of the Philippines,” Leviste said in a statement.

Senator Legarda, Leviste’s mother, is a former ABS-CBN news anchor. She refrained from voting on the extension of ABS-CBN’s franchise in 2020 as House deputy speaker, citing a “conflict of interest,” for which she faced widespread criticism. However, in July 2021, Legarda expressed support for ABS-CBN and called for a refiling of the franchise renewal bill.

Leviste has recently been actively pursuing acquisitions after the sale of P6 billion worth of SP New Energy Corp. (SPNEC) shares to MGen Renewable Energy Inc., a subsidiary of power utility behemoth Manila Electric Co. (Meralco). The founder of Solar Philippines still controls 20.6 billion SPNEC shares worth roughly P22 billion.

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