ABS-CBN Corp. is stepping into the theater scene with a recently signed partnership with Ten Bridges Media Corp., one of the companies behind Atlantis Theatrical Entertainment Group.
In a statement Monday, the Lopez-led media giant said the team-up with Ten Bridges Media involves the co-production of three Broadway musicals this year, the first of which was launched in March.
“ABS-CBN’s venture into theater production, a first for a media and entertainment company, is among the company’s efforts in expanding its experience business. It is another step forward in creating new possibilities for local theater, which has grown tremendously over the past few years, with its abundance of talent and opportunities locally,” ABS-CBN Head of Integrated Events Bobby Barreiro said in the statement.
The first ABS-CBN co-produced musical, Angels In America: Millennium Approaches, was staged in March. The second, Beautiful: The Carole King Musical, will start its run on Friday.
The last musical covered by the partnership is Sweeney Todd, which will star Tony Award winner Lea Salonga. The show is scheduled to debut in October.
Quoting Atlantis Artistic Director Bobby Garcia, ABS-CBN said the partnership will “create a greater awareness for the Philippine theatre scene and for the wondrous world class talent we have in our country on stage and off.”
ABS-CBN has been diversifying its business outside broadcast television to enter the cosmetics, financial technology and food industries, with investments in Ever Bilena Cosmetics, Inc.; iBayad Online Ventures and The Chosen Bun, Inc. It earlier said the end goal of the company is to improve how it is “selling experiences.”
The listed firm saw its attributable net income rise 89.2% to P856.35 million in the first quarter, driven by a 24.4% increase in advertising revenues at P5.4 billion. — Denise A. Valdez