Quantcast
Latest Stories

MVP eyes majority stake in ‘Philippine Star’

By

Philippine Long Distance Telephone Co. chairman Manuel V. Pangilinan is set to acquire a majority stake in Philippine Star, as the telecommunications group beefs up investments in media.

Pangilinan on Tuesday said he was in talks with the family of House Speaker Feliciano Belmonte Jr., which owns Star, for the possibility of gaining control of the paper.

The PLDT group’s entry will be done in phases, he said, starting with the increase of its current minority stake in the publication.

“We’ll see if the Belmonte family is open to selling a majority stake,” he told reporters at a press conference this week. “We won’t take a majority stake on day one. It’s really the Belmontes’ business,” he said.

He declined to say how much of Star’s stocks were owned by the PLDT group, through PLDT’s Beneficial Trust Fund. He said the PLDT group was not represented in Star’s board but it had enough shares to have one seat.

“We have a good partnership with them but we don’t use our board seat,” Pangilinan said, saying that the company did not want to be accused of trying to control the Star’s editorial direction.

“Even at TV5, we make sure that our news is balanced,” he said.

The PLDT group’s media investments are handled by MediaQuest Holdings, a wholly owned subsidiary of the Beneficial Trust Fund.

Apart from its stake in the Star and full control of Associated Broadcasting Corp., the company that operates TV5, MediaQuest owns radio broadcaster Nation Broadcasting Corp., and cable provider Cignal Digital TV.

In the print sector, MediaQuest has minority stakes in BusinessWorld Publishing Corp. and the Philippine Daily Inquirer.

In 2009 Pangilinan announced a bid to acquire an 87.5-percent stake in Philippine Star and its sister publications for P4 billion.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: acquisition , Manuel V. Pangilinan , media , newspaper , Philippine Star



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • 22 houses destroyed, 3 hurt as violent wind storm hits village
  • 242 out of 438 pass board tests for chemical engineers
  • Reckless driver endangered lives of Aquino, entourage–report
  • 5 OFWs from Negros quarantined for MERS-CoV tests
  • Release of village chief’s truck caught carrying illegal logs slammed
  • Sports

  • Alaska takes quarterfinals opener over San Mig Coffee
  • Jackson finds second wind to push Meralco past Rain or Shine
  • NLEX fights off Derulo Accelero to remain unbeaten
  • Mayweather diehard Bieber eats pride, poses with Pacquiao for photo op
  • Power Pinays rip Singapore to enter quarters in Asian volley tilt
  • Lifestyle

  • Miss America: Don’t suspend teen over prom invite
  • Transitions and resurrection in the performing arts
  • ‘Archaeology tour’ of Cebu’s heritage of faith
  • Historic Fort Bonifacio tunnel converted into a septic tank
  • ‘Imports’ from London, and play of the year
  • Entertainment

  • Arrest warrants out vs. Deniece Cornejo, Cedric Lee, et al over serious illegal detention
  • Lindsay Lohan says she had a miscarriage
  • Discovery network cancels Everest jump
  • ‘Captain America’ stays strong atop US box office
  • Easter musings
  • Business

  • Oil prices to go up on supply concerns, optimism on US rebound
  • Century Pacific Food sets IPO price at P13.75 per share
  • Oil prices down in quiet Asian trade
  • Asian shares mixed in holiday-thinned trade
  • BDO seen keen on bidding for Cocobank
  • Technology

  • PH has slowest internet in Southeast Asia
  • Nintendo’s trailblazing Game Boy marks 25th anniversary
  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Opinion

  • Gigi’s home
  • Palace stonewalls on MRT inquiry
  • Couple of things too
  • There is plenty of water behind Wawa Dam
  • Triduum thoughts of a young boy
  • Global Nation

  • QC woman who flew in from Middle East tests negative for MERS-CoV
  • DFA, DOH urge OFWs not to panic over MERS-Cov
  • Balikatan could spoil peace talks, says militant group
  • DFA officers hold workshop on aiding human traffic victims
  • Canada in communication with PH on toxic wastes
  • Marketplace