TODAY'S BUSINESS HEADLINES

Bangko Sentral tightens disclosure rules on banks' UITF offerings 24-Oct-14, 7:37 PM | Scarlet Venilia, InterAksyon.com

Del Monte Pacific sets fresh fund-raising to retire debt 24-Oct-14, 5:41 PM | Krista Angela M. Montealegre, InterAksyon.com

PH stock index barely holds above 7,100-mark 24-Oct-14, 4:20 PM | Krista Angela M. Montealegre, InterAksyon.com

Operation of Agus-Pulangi hydropower plants may be turned over to private sector 24-Oct-14, 4:06 PM | Euan Paulo C. Añonuevo, InterAksyon.com

Drop in oil, electronics purchases pull down August imports 24-Oct-14, 1:40 PM | Darwin G. Amojelar, InterAksyon.com

EXCLUSIVE | BusinessMirror owner acquires biggest stake in RPN9

InterAksyon.com means BUSINESS

MANILA - The owner of Business Mirror is now the chairman of RPN9 after acquiring the biggest 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.

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