In June 2022, ABS-CBN engaged into advanced talks with TV5's parent company, MediaQuest Holdings to allow its resources combined after Villar Group-backed Advanced Media Broadcasting System acquired ABS-CBN's former frequency, and slated to begin operations in October 2022 as AMBS-2. On August 10, 2022, ABS-CBN and MediaQuest Holdings signed a "convertible note agreement" as announced on the following day for the ABS-CBN's investment into TV5 Network by acquiring 34.99% of the company's common shares, with an option to increase it stake to 49.92% within the next eight years with MediaQuest remained as the TV5's controlling shareholder with 64.79% of TV5's common shares. Meanwhile, MediaQuest Holdings executed a "debt instruments agreement" by acquiring a 38.88% minority stake of ABS-CBN's cable TV arm Sky Cable Corporation through Cignal TV, with an option to acquire an additional 61.12% of Sky Cable shares within the next eight years. After ABS-CBN and TV5 had a partnership deal, the House of Representatives has set a briefing and SAGIP Representative Rodante Marcoleta commented that TV5 violated the broadcasting franchise with ABS-CBN deal. But a day later, the briefing scheduled was cancelled that supposed to happen on that day. On August 24, the two broadcasting companies agreed to pause their closing preparations for the deal following concerns from politicians and some government agencies. However, the agreement was terminated on September 1.
