ABS-CBNTHE country’s largest media conglomerate is now known as ABS-CBN Corporation after dropping the “Broadcasting” in its corporate name.

The name change which was announced during the company’s annual stockholders’ meeting, is a response to the changes in the media landscape brought about by technology, said ABS-CBN chairman and chief executive officer Eugenio “EL3” Lopez III. “The media business has gone beyond merely broadcasting to encompass other platforms,” EL3 said. ABS-CBN has interests in radio, free-to-air and cable television, movie production, publishing, and online news and content distribution service.

The company is coming off a stellar first quarter that saw its net income grow six-fold to P1.09 billion. However, it expects to top this performance in the second quarter of the year, while “net income for the entire year will double from last year.” Meanwhile, EL3 also took questions about the controversial TV host Willie Revillame at the stockholders’ meet. Revillame is now on leave from the noontime show “Wowowee” after an emotional outburst on air on May 4 and failure to report to work beginning on May 5.

According to the ABS-CBN chief, the company is in ongoing discussions with Revillame. He declined to elaborate. “Suffice it to say that we are cognizant of the financial impact that a star like Willie brings to the network. But we are also aware that an institution like ABS-[CBN] will deal with stars all the time. And stars come and go, but the institution stays,” EL3 said.