EXCLUSIVE | BusinessMirror owner acquires majority stake in RPN9
InterAksyon.com means BUSINESS
MANILA - The owner of Business Mirror is now the chairman of RPN9 after acquiring a majority stake in what used to be a state-led broadcasting firm.
Sources told Interaksyon.com that Philippine Business Daily Mirror Publishing Inc owner Antonio Cabangon-Chua bought the entire stake of Solar Entertainment Corp president Wilson Tieng yesterday night. Solar will be renamed Aliw Channel, after Aliw Broadcasting Corp, a radio network that Cabangon-Chua also owns.
BusinessMirror is one of two business daily broadsheets in the Philippines, the other being BusinessWorld.
Tieng told Interaksyon.com that Cabangon-Chua is now the chairman of Radio Philippine Network (RPN) Inc.
Tieng said he is not in a position to disclose details because of the "non-disclosure agreement" between the two parties, but admitted that discussions were ongoing for the sale of his stake in Solar.
Sought for comment, RPN acting president Robert Rivera told Interaksyon.com that the board is holding a meeting, but refused to confirm if the agenda includes the buyout by Cabangon-Chua.
Solar owns 34 percent of RPN, with another 32 percent held by the Benedicto family’s Far Eastern Managers and Investors Inc. The government holds 20 percent while private individuals own the remaining 14 percent.
Solar Entertainment is engaged in the acquisition, syndication, distribution and promotion of world-class programs and formats, in partnership with major international studios and content producers.
It also produces localized franchised programs as well as original local programs. Its channels include ETC, 2nd Avenue, Jack TV, Jack City, Solar Sports, Basketball TV, and NBA Premium TV, among others.
To recall, San Miguel Corp president Ramon S. Ang had expressed interest in acquiring a controlling stake in Solar. He however has since invested in GMA Network Inc.
The Aquino administration plans to sell the government’s stake in RPN 9, which operates seven TV stations and 11 radio stations.
InterAksyon.com is the online news portal of TV5, which along with BusinessWorld are part of the PLDT Group.