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MVP’s new target: The Philippine Star

MANILA, JULY 29, 2013- Manuel Pangilinan Group is expected to sign a deal with the Philippine Star broadsheet before the year ends, with an aim to increase their share to 80 percent – with almost 5 billion pesos worth of transaction.

In 2009, Manuel ‘Manny’ V. Pangilinan, chairman of Philippine Long Distance Telephone Co. and infrastructure holding firm Metro Pacific Investments Corp., first prospected to invest in the Philippine Star with a share amounting to 4.8 billion.

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MVP already controls TV5 and Cignal TV. He has a 10 % minority stake in the Philippine Daily Inquirer through MediaQuest Holdings Inc., a subsidiary of the PLDT Beneficial Trust Fund. The attainment of content providers is a PLDT group’s strategy because of changes in traditional telecommunications company into a multimedia service company. The business group also attempted to buy GMA Network Inc. (GMA 7), which was worth 52 billion pesos but was failed to pursue it last year.

Currently, majority of the shares in the Philippine Star is owned by the Belmonte Family while more than 20 % of the share remained to the late journalist, Max Soliven. Veteran journalists including Betty Go-Belmonte and Art Borjal built the Philippine Star Group in 1986 in the wake of the EDSA People Power Revolution. The Star group includes Pilipino Star Ngayon,PM:Pang-Masa, The Freeman(Cebu), and Banat News(Cebu). The broadsheet now also handles a digital news platform, philstar.com that has been operating for the past 10 years.

 

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