Mystery investment firm I&C Holdings suddenly becomes ABS-CBN’s No. 2 owner after Lopezes

A low-key investment firm that only started operating in February this year is about to become one of the most powerful names in Philippine media.

I&C Holdings Corp. is pouring ₱3.5 billion into ABS-CBN — the biggest single chunk of the network’s ₱6-billion capital raise. Once the new shares are issued, I&C will own roughly 38 percent of the company, making it the largest individual shareholder after the combined Lopez family interests, which will hold about 47 percent.

The deal is already turning heads. ABS-CBN is creating 1.64 billion new shares, expanding its total capital base to around 2.54 billion. Public ownership will shrink sharply, dropping from over 40 percent to just under 15 percent.

The quiet bankers behind the big check

I&C is a 100-percent Filipino-owned private investment holding company that specializes in long-term turnaround plays. Its three incorporators are seasoned investment bankers from Fortman Cline Capital Markets, a boutique firm known for handling major deals across Southeast Asia.

• Daniel D. Ibasco, president of both Fortman Cline and I&C, previously held senior roles at Bear Stearns and worked at Hambrecht & Quist and Bank of Boston.
• Gary Emerson P. Cheng, co-founder and managing director of Fortman Cline, serves as I&C’s treasurer. He spent nearly a decade at J.P. Morgan and later ran Amalgamated Investment Bancorporation.
• Clarisse Darlene Rose Tan, Fortman Cline’s managing director for Philippine investment banking, is I&C’s corporate secretary. She has more than 17 years of experience and has worked on over $6 billion in transactions.

The firm’s name is widely seen as a subtle nod to Ibasco and Cheng. Corporate records show I&C has ₱2.5 billion in authorized capital and keeps its office at the Liberty Center in Makati. Beyond the three names, no other principals appear in the filings — which has only added to the intrigue.

In its official statement, I&C struck a confident tone: “ABS-CBN has built valuable brands, intellectual property, content and deep relationships with Filipino audiences in the Philippines and overseas. As the media industry continues to evolve, we believe these assets provide a strong foundation for the company to adapt, build a sustainable content-led business, and create long-term value.”

Lopez family puts skin in the game — again

While I&C is writing the biggest check, the Lopez side is not stepping back. Three family investment vehicles — Crème Investment Corp., Mantes Corp., and Presta Holdings Co. Inc. — are putting in a combined ₱2.2 billion from personal resources. Lopez Inc. itself is adding another ₱300 million.

The result: the Lopez group as a whole stays ahead of I&C, even as individual stakes get diluted. Lopez Inc.’s direct holding is expected to fall from 55.82 percent to around 23 percent.

The timing is notable. Just days earlier, Eugenio “Gabby” Lopez III sold his family’s 25.68 percent stake in Lopez Inc. to businessman Ramon Ang, citing the need to restore “family peace” after a prolonged internal dispute. The remaining Lopez branches are now the ones writing the checks for ABS-CBN.

ABS-CBN chairman Mark Lopez called the overall infusion “a vote of confidence,” saying it shows “there are people who continue to believe in the company and in our mission of being In the Service of the Filipino.”

The fresh capital will go toward strengthening the balance sheet and funding the company’s shift toward a more sustainable, content-led media and entertainment business — after years of losses following the loss of its broadcast franchise.

A quiet firm steps into the spotlight

For years, Fortman Cline operated largely behind the scenes as dealmakers. Now their new vehicle, I&C, is about to become the second-largest owner of one of the country’s most storied media brands.

The numbers are clear. The names are known. But the speed of the move — and the size of the bet — has left many in the industry asking the same question:

Who exactly is I&C, and what do they see in ABS-CBN that others have hesitated to back at this scale?