th images menu user export search eye clock list list2 arrow-left untitled twitter facebook googleplus instagram cross photos entrep-logo-svg

Ramon Ang In Talks to Acquire Majority Stake in Philippine Daily Inquirer

Prieto family will divest from media company after 25 years
By Paul John Caña and Pauline Macaraeg |

 

 

San Miguel Corp. CEO Ramon S. Ang is in talks to buy a majority equity stake in media company The Philippine Daily Inquirer (PDI), one of the country’s biggest English-language dailies that helps frame national debates and discussion.

 

In a statement posted by PDI on its Twitter page, the company, through its chairperson Marixi Prieto, said it has resumed discussions with Ang for the sale of the Prieto family’s interest and majority share in the Inquirer Group. It called Ang a “longstanding friend and business partner.”

 

“This culminates a series of talks that began between the two parties in 2014, and restarted early this year after the Prieto family completed its annual review of business plans in the Inquirer Group and other business interests,” the statement said.

 

If completed, the deal marks a major milestone in Ang’s growing media investments, which include a reported stake in Solar Television, the operator of CNN Philippines and other cable channels. In 2015, he made a Php1-billion down payment for a 34 percent stake in GMA Network, the country’s second biggest broadcaster by revenue, but the deal did not push through.

 

The potential deal boosts the media footprint of Ang, the country’s 11th richest billionaire with a net worth of $1.5 billion as of March 2017, allowing him to match the media power of another conglomerate, the Metro Pacific Investments Corp., led by Manuel V. Pangilinan. The MPIC group controls a television station, TV5 Network Inc, and has investments in the Inquirer, the Philippine Star and BusinessWorld newspapers.

 

With the planned acquisition, three of the country’s leading English-language newspapers and two of its three biggest television stations will be in the hands of the owners of the country’s largest diversified conglomerates.

 

“Various political and business interests have long been in Philippine corporate media and it is reflected in how the media report on matters that affect those interests,” said Luis Teodoro, a leading journalism professor and former dean of the University of the Philippines College of Mass Communication. “Mr. Ang's concerns once he acquires majority control will only be one more addition to how the Inquirer reports and comments on matters of public interest that involve its owners.”

 

The Prieto family, which has owned the Inquirer Group for the past 25 years, said its decision to divest from the company “is a strategic business decision that it believes will maximize growth opportunities for the Inquirer Group.”

ADVERTISEMENT - CONTINUE READING BELOW

 

Ang’s “investments and business expertise will unlock added value in the Inquirer Group’s newspaper publication, internet communications, social media, corporate skills training, radio broadcasting and logistics delivery,” the statement added.

 

Four major groups own more than 90 percent of Philippine Daily Inquirer Inc. These are LRP Inc., which holds 59.71 percent; Excel Pacific Holding Corp., 13.08 percent; Mediacom Equities Inc., 10.04 percent; and Inquirer Holdings Inc., 10.29 percent. The company’s net income plunged by more than half to Php38.4 million in 2015, the latest reports available at the Securities and Exchange Commission (SEC), from Php80.8 million the year before. Revenues also fell slightly to Php2 billion from Php2.2 billion.

 

The Inquirer was on the receiving end of President Rodrigo Duterte’s ire in recent months for its stories critical of the administration’s bloody war on drugs. The President has also slammed the Prietos’ alleged non-payment of taxes on its Mile Long Building in Makati City, threatening to seize the property and return it to the government.

 

 

*****

Latest Articles

How to Leave the Hustle Behind and Focus on What Matters

Working hard is a virtue, but too much of anything can become toxic

byJennifer Spencer | November 22, 2017 06:00:00

Twitter Can Take Away Your 'Verified' Blue Checkmark Based on What You Do Offline

Twitter has updated its guidelines for verified accounts after backlash over issuing verification...

byLydia Belanger | November 22, 2017 02:00:00

Are You 'Scared of Success'? 5 Mindset Hurdles All Entrepreneurs Must Clear

To be successful, entrepreneurs must conquer these five fears before they find success

bySujan Patel | November 22, 2017 00:00:00

Google is Looking for PH's Best Ads on YouTube

Does your video have what it takes to be the best?

byNicai de Guzman | November 21, 2017 14:00:00

When It Comes to iPhones, PH’s Poorer Regions Seem Keener on Costlier Models Than Richer Areas

Telcos offer attractive plans for the new iPhone 8 as most Pinoy buyers find them too pricey

byPauline Macaraeg | November 21, 2017 13:00:00

Financial Adviser: 5 Retail Strategies Used by Zalora Philippines to Overcome Ecommerce Challenges

Zalora is the largest online fashion store in the country today

byHenry Ong | November 21, 2017 12:00:00

Duterte Turns to China to End Telco 'Duopoly' in PH

President Duterte offered the "privilege" of operating a telco to China during bilateral talks last...

byLorenzo Kyle Subido | November 21, 2017 10:00:00

Here Is a Strategy For Making Yourself Irreplaceable Before AI Learns to do Your Job

The best way to avoid losing your job to a robot is learn how to do your job working with one

bySam McRoberts | November 21, 2017 08:00:00

(Infographic) How to Master Meetings

Steps to solving conference call woes and make the most of your meetings

byEmily Conklin | November 21, 2017 06:00:00

Basic Tech Skills Every Employee Should Know

You don’t need to be a computer scientist in order to be tech literate

byCeren Cubucku | November 21, 2017 02:00:00

6 Signs Your Child May Be a Future Jack Ma, Socorro Ramos or Injap Sia

Their childhood reveals traits and skills that led to their successful future

byJill Castillo for SmartParenting.com.ph | November 21, 2017 00:00:00

Getting Your Holiday Bonus Soon? Lend At Least Php5K to the Gov't for 5 Years and Earn 4.625% p.a.

High market demand pushed the Duterte administration’s third Retail Treasury Bond issue from...

byElyssa Christine Lopez | November 20, 2017 19:00:00