ABS-CBN Broadcasting Corporation bought 5% shares of the social network Multiply, as it was valued at $100 million. The media-centric network has a userbase which is primarily composed of adults. This buy enables ABS-CBN the right to purchase up to 10% shares of Multiply within the next two years. The social network has a deep footing in the Philippines, as it is quite popular with the people there – around 3 million users. Multiply plans to use this investment in advertising, and come out with a mobile version of the site, for its users in Philippines.
