MANILA, OCTOBER 5, 2012 – In light of the failed acquisition talks between MediaQuest Holdings Inc. chairman Manuel “Manny” V. Pangilinan and one of the country’s network giants, GMA7, San Miguel Corp. president Ramon S. Ang announces that talks for the possible acquisition of Solar Entertainment are already in the works.
Ang, however, clarified that the acquisition is his personal interest and not SMC’s, the company that he is currently leading.
Ang hopes that talks could be finalized soon. He did not provide further details, stressing it was better for him to keep silent as talks are going on.
RPN9 and IBC13, which are up for privatization, are in bad financial shape.
RPN9 cites financial losses as it pulls the plug on its longest running English language news program “NewsWatch” – retrenching 200 employees in the process.
The network’s management has already given notices to the employees. Presidential Communications Operations Office secretary Herminio Coloma Jr said his office will continue to monitor the developments in RPN, to ensure that the rights of the employees under the Labor Code are protected.
Retrenchment started October 1 and will take effect in November, in compliance with the mandatory 30-day period.
“NewsWatch” has been on air since 1979, long before the government sequestered RPN9 after the 1986 EDSA revolution and its privatization in 2010.
The official Twitter account of RPN NewsWatch announced on Wednesday that it would continue to air every 5PM Monday to Friday on free TV until further
notice.
Solar Entertainment is a Makati-based media company with six cable channels, four free-TV channels (namely RPN, SBN,RJTV and BEAM TV) and a film distribution company. The film distribution unit is the local affiliate for United International Pictures. The company was founded in 1976 when it started as Solar Films.
