BusinessMirror owner to take over RPN-9

Posted at 08/21/2014 3:09 PM | Updated as of 08/22/2014 1:04 AM

MANILA, Philippines (UPDATED) - The owner of newspaper BusinessMirror is getting into television by buying into RPN-9.

Businessman Antonio Cabangon-Chua's group says they have bought the 34-percent stake in RPN-9, held by Solar TV's Willy Tieng.

"We are looking forward to working closely with the other shareholders of the network which includes the Benedicto family and the Philippine Government," he said.

The Philippine Daily Inquirer reported Cabangon-Chua will become the chairman of RPN-9 by buying the 34 percent stake in the TV network held by Solar TV's Willy Tieng.

This is part of Cabangon-Chua's thrust to become a larger player in business and sports coverage.

The Inquirer reports Tieng is selling assets to fund his takeover of the Thunderbird Resorts Group.

Aside from BusinessMirror, Cabangon-Chua also owns tabloid Pilipino Mirror and the radio network Aliw Broadcasting.

Solar said they could not comment yet because of a non-disclosure agreement. - ANC