ABS-CBN Broadcasting Corporation, the largest integrated media and entertainment company in the Philippines has acquired a 5% stake in social networking site Multiply.
The 5% stake worth a neat $5 million comes with a stock purchase agreement that ABS-CBN Global may, during the two-year period following the initial purchase of shares, acquire additional shares in Multiply to bring its ownership to as much as 10%.
Although Multiply doesn’t get a lot of attention in the United States, the company has become one of the biggest social networking sites in Asia, ranking as the 6th most popular site in the Philippines according to Alexa, and top 30 in Indonesia and Thailand.
Multiply has taken $21.6 million over three rounds from Point Judith Capital, Trans Cosmos and VantagePoint Venture Partners.
The full release here.