MANILA – The Prieto family that has controlled the Philippine Daily Inquirer for decades is in negotiations with businessman Ramon S. Ang for the sale of the family’s interest and majority share in the Inquirer Group.
An official statement released to media outlets Monday quoted Marixi Prieto, chair of the Inquirer Group, as saying the talks – which began in 2014 – were re-started this year, after the Prietos completed their annual business review of their interests in Inquirer.
A due diligence review on the Inquirer Group will be undertaken soon by Ang, who is at the helm of the San Miguel Corp. conglomerate that has interests in food, infrastructure and power, among others.
Marixi described Prieto family’s “decision to divest after 25 years” as a “strategic business decision” to maximize “growth opportunities for the Inquirer Group.”
Full text of the OFFICIAL STATEMENT OF THE INQUIRER GROUP OF COMPANIES, ISSUED 17 July 2017:
The Chair of the Inquirer Group of Companies, Marixi Prieto, confirmed today that she has resumed discussions with longstanding friend and business partner Ramon S. Ang for the sale of the Prieto family’s interest and majority share in the Inquirer Group.
This culminates a series of talks that began between the two parties in 2014, and restarted early this year after the Prieto family completed its annual review of business plans in the Inquirer Group and other business interests.
The due diligence review on the Inquirer Group will be undertaken soon by Mr. Ang.
The Prieto family’s decision to divest after 25 years is a strategic business decision that it believes will maximize growth opportunities for the Inquirer Group.
The family is confident that Mr. Ang will uphold the Inquirer Group’s commitment to pursuing the highest standards of journalism.
His investments and business expertise will unlock added value in the Inquirer Group’s newspaper publication, internet communications, social media, corporate skills training, radio broadcasting, and logistics delivery.
All existing employment contracts of the Inquirer Group will remain in effect. Both parties acknowledge that the multi-media organization is where it is today because of the caliber of its people, dedicated to the continuing vision and mission of empowering Filipinos by telling their stories.