Philippines-based media company ABS-CBN Broadcasting Corporation has paid $5 million for a 5% stake in Multiply, the media-centric social network with a userbase primarily composed of adults. The investment pegs Multiply’s valuation at $100 million, which is within range (though on the lower end) of our social network valuations based on past deals. ABS-CBN also has the right to purchase up to 10% of Multiply within the next two years.
Multiply has a significant presence in the Philippines, with around 3 million users. ABS-CBN plans to capitalize on its investment through advertising, and by eventually offering a mobile version of the site for users in the Philippines. For more, read the ABS-CBN announcement here.