MediaQuest still interested in PhilStar
abs-cbnNEWS.com | 11/05/2009 10:47 PM
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MANILA - The PLDT Group is still interested in acquiring a controlling stake in print media group, Philstar Daily, Inc., despite missing the previously set closing date deadlines.
PLDT director Ray Espinosa, in a text message, said the acquisition will be "concluded as early as practicable."
"Print investment is part of multi-media strategy of MediaQuest," Espinosa added. MediaQuest director he added.
MediaQuest Holdings, an investee company of the PLDT Beneficial Trust Fund, has pending discussion to acquire 87.5% of the media firm for P4 billion. After a due diligence, deal negotiations were supposed to be finalized last April. 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," said PLDT chairman Manuel Pangilinan.
Espinosa said discussions are on-going and that the deal will definitely push through. "We are currently in discussions with PhilStar owners regarding the structure, extent and pricing of MediaQuest's investment," he said.
MediaQuest is the PLDT group's corporate vehicle for media-related investment. Its portfolio includes a 30% stake in BusinessWorld Publishing Corp.; 51% stake in Nation Broadcasting Corp. (NBC); and less than 10% stake in Lopez-led SkyCable Corp. It also acquired in July 2007 licensed DTH firm GV Broadcasting Systems, Inc. which later changed its name to MediaScape Inc.
MediaQuest's latest acquisition is a 75% stake in Associated Broadcasting Co. (ABC5), which operates the TV5 network, and another 75% stake in Primedia Inc., the broadcasting firm's block airtimer.
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