After the dissolution of its joint venture with NBC, MTV Networks Asia signed a licensing agreement with All Youth Channels, Inc. (AYC), which is run by some of the members of Music Source, including Lumen, to control both MTV Philippines and its sister channel, Nickelodeon. AYC owned and operated 100% of then-new MTV Philippines. MTV Philippines was an exclusive channel on cable and satellite television systems. However, Lumen decided not to renew the contract (except
Nickelodeon Philippines, MTV Philippines's sister channel). There were also some posts claiming that instead of funding for MTV Philippines, they would rather fund
TV5 in which they planned to be the next big thing on TV (which later found out to be purchased by
PLDT's MediaQuest Holdings, resulting to its relaunch followed by the revival of NBC-owned
UHF 41 as
AksyonTV, the first 24-hour Tagalog language news channel on free TV; now One Sports). 11 minutes before midnight of February 16, 2010, the final music video:
Video Killed the Radio Star by
The Buggles was played and afterwards, MTV Philippines officially signed off. After the closure, it had reverted to its original channel,
MTV Southeast Asia. All Youth Channels previously owned two radio stations: U92 which was sold to
TV5 and branded it as
Radyo5 92.3 News FM (the first all-news radio station in the FM band); and Radio High 105.9 which was returned to its original owner Bright Star Broadcasting Network Corporation and branded it as
Retro 105.9 DCG FM (which plays mostly modern classic and retro-styled oldies music). As of November 2024, its former radio frequencies,
92.3 FM is now operated by
Philippine Collective Media Corporation as FM Radio 92.3 and
105.9 FM is now operated by
TV5 Network Inc. as 105.9 True FM. ==Events==