PLDT Group seals takeover of BusinessWorld
The online news portal of TV5
MANILA - The Philippines' biggest telecom company today said it has taken over the country's oldest business newspaper.
On the sidelines of the Philippine Long Distance Telephone Co's (PLDT) stockholders' meeting today, its chairman Manuel V. Pangilinan said BusinessWorld's shareholders approved an increase in the company's capital.
"The details are being worked out as to amount of new money that will be injected to BusinessWorld. We will be probably 50 percent, after that is accomplished," he said.
The PLDT Group already owns a 30 percent stake in the newspaper.
With the board's approval of Business World's capital hike, Pangilinan said the PLDT Group's takeover of the newspaper is already a done deal.
Earlier, the PLDT board approved a P750 million investment in its media assets to allow the group to become a multimedia service company.
Prior to that, the country's biggest telco said it was investing an additional P3.6 billion to make "its media assets more visible to the shareholders of PLDT."
Aside from its 30-percent stake in BusinessWorld, the PLDT Group also owns 20 percent of Philippine Star and 18 percent of Philippine Daily Inquirer.
InterAksyon.com is the online news portal of TV5, the broadcasting network of the PLDT Group.