(Bloomberg) --
The Philippines has recalled over 70 radio and television frequencies issued to ABS-CBN Corp., the country's biggest broadcaster until lawmakers denied it a new franchise.
The National Telecommunications Commission ordered the recall in a decision Wednesday saying ABS-CBN “had already lost the privilege of installing, operating, and maintaining radio broadcasting stations” after Congress denied its franchise renewal bid in July.
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The broadcaster posted a 3.16 billion peso ($65 million) loss in the second quarter when its franchise lapsed and was ordered shut by the telecommunications regulator. It also started implementing retrenchments this month.
Philippine Lawmakers Deny TV Giant ABS-CBN's Franchise Bid
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