In 1955, Radiowealth Inc., a radio manufacturer, began manufacturing television sets. Other local outfits such as, Carlsound and Rehco, also started setting up assembly plants. In 1958, the high taxes previously imposed on imported television shows were removed, which made American shows less expensive than locally produced live programming. In April 1955, Chronicle Broadcasting Network (CBN) was established as a radio medium in 1956 by businessmen Eugenio and Fernando Lopez. In the same year, CBN acquired ABS from Quirino, and merged the two companies under Bolinao Electronics Corporation.