BIZ BUZZ: ANC stays on air

Even before Tuesday’s announcement about the shutdown of Teleradyo, once a broadcasting powerhouse, some people have been jittery about the future of ABS-CBN’s cable news channel ANC amid an increasingly challenging environment for cable TV (as well as traditional media in general).

There were rumors that ANC would fold up or be put on the block.

The fate of ANC was among the questions asked during a town hall meeting convened by top ABS-CBN executives led by CEO Carlo Katigbak on Tuesday right after the disclosure that Teleradyo would sign off by June 30 to prevent further business losses.

The officials assured the body that ANC would remain on air. Unlike Teleradyo, which can’t survive without AM radio operations, ANC has managed to stay afloat. As long as it is profitable, ABS-CBN will continue to operate it.

There were also rumors that ANC may be sold to businessman Manuel Pangilinan, but several of the latter’s people denied to Biz Buzz that there were talks about such a deal.

During the town hall meeting (news and public affairs people came in full force), honest questions were encouraged and the employees of the bludgeoned media group indeed had a lot to ask.

They, for course, asked about the new joint venture with Prime Media Holdings Inc. of House Speaker Martin Romualdez. It is this new entity that will decide which Teleradyo anchors and employees will be absorbed and set the editorial policy moving forward.

The officials assured the crowd that the new venture would have its editorial policies in place and continue the legacy of service to the public.

The town hall meeting lasted from 2:30 p.m. to 4 p.m. and was filled with intense emotions. There was a lot of crying and hugging, especially at the end when Katigbak approached the Teleradyo people.

The assembly gave a standing ovation for the Teleradyo people (some of them have been with the company for decades), honoring them as the best in radio.

—Doris Dumlao-Abadilla

Chua’s ‘EEI-ntry’

After recently announcing businessman Francis Chua’s purchase of a 14.35-percent stake in listed construction company EEI Corp., the Yuchengco-owned firm has approved his election as a new director to fill the vacancy in its board of directors.

Gregorio Yu resigned as independent director of EEI for “personal reasons.” The company expressed gratitude for his service, taking on the roles of audit committee chair and member of the corporate governance committee, nominations committee and personnel evaluation and review committee.

Chua is the current chair of Industry Holdings and Development Corp. (IHDC), a company engaged in manufacturing, logistics, real estate and energy sectors. He completed a bachelor’s degree in civil engineering at the University of San Carlos in 2003.

On Monday, the Yuchengco Group announced it was selling a portion of its stake in EEI to IDHC for P1.08 billion. Proceeds will be used to retire the loans of a property leasing subsidiary.

No agreement for the transaction has been signed yet.

—Tyrone Jasper C. Piad

No cash, no card, no problem

Mall shoppers at SM outlets who do not have credit cards need not worry about making payments right away when they purchase items that may be a bit expensive for their budget.

The country’s largest mall chain has inked a partnership with financial technology player BillEase to provide buy now, pay later services or cardless installment payments.

“Together, we want to create a unique and frictionless shopping experience that empowers shoppers to buy their dream purchases and pay on their own terms,” BillEase CEO and cofounder Georg Steiger said.

“By partnering with BillEase, we are taking another significant step towards providing our shoppers with an unparalleled shopping experience,” SM Supermalls president Steven Tan said.

The partnership was established amid the return of heavier foot traffic at malls after years of strict lockdown due to the pandemic.

—Tyrone Jasper C. Piad