PinoyBusiness.ORG – Home

The Philippine Long Distance Telephone Company (PLDT) through its media arm Mediaquest, recently acquired ABC Development Corp. (ABC-5), owner and operator of broadcast network ABC Channel 5. But the acquisition of a TV network doesn’t mean that the PLDT is abandoning its intention of acquiring a stake in the Philstar Daily, the owner of The Philippine STAR.

PLDT is an emerging powerhouse in the media industry, as it continues to seriously look for more investments in both broadcast and print. “They are not the same. One is television and the other is in the newspaper business,” said PLDT Chairman Manuel Pangilinan.

Ray Espinosa, director of the Mediaquest , said the PLDT group is still keen on acquiring a controlling stake in Philstar Daily, in spite of missing the previously set closing date deadlines, adding that the acquisition will be “concluded as early as practicable.” Espinosa added, “Print investment is part of multi-media strategy of Mediaquest.”

There is an ongoing negotiation by MediaQuest to acquire 87.5% of the media firm of P4 billion. After due diligence, deal negotiations were supposed to be finalized last April, but the target date was eventually moved to July. “I keep on saying the timetable but it does not happen. Probably I’ll be quiet and just announce it when it’s done” Pangilinan said.

Espinosa confirmed that the discussions are still ongoing and he is optimistic that the deal will definitely push through. “We are currently in discussions with Philstar owners regarding the structure, extent and pricing of MediaQuest’s investments,” he said.

Aside from ABC-5, MediaQuest also acquired Primedia Inc., the broadcasting firm’s major block airtimer. The company is also looking beyond ABC-5 and Philstar Daily, it is also looking at the possibility of acquiring other broadcasting companies within the region.