No, not the boxer – it’s the other, equally fearsome knockout artist.
Yesterday’s Businessworld reported that magnate Manuel V. Pangilinan — owner of Smart and PLDT, a new director of Meralco, and much-speculated but unannounced future politico — confirms that his investment firm Mediaquest Holdings expects to complete negotiations for 75% of Philstar Daily within the year.
The stake is smaller than that announced in January, when Mediaquest was gunning for 87.5% of the holding company for over P4 billion.
Apart from the Philippine Star, the company also owns philstar.com, Cebu paper The Freeman, and tabloids Pilipino Star Ngayon, Pang-Masa and Banat News, and the Fookien Times Yearbook. For its part, MediaQuest, which is wholly-owned by the PLDT Beneficial Trust Fund, also owns 30% of Businessworld and a controlling interest in Nation Broadcasting Corp.
Mr. Pangilinan earlier said that the Star might expand its online presence, and may merge production and marketing operations with BusinessWorld. The two papers would remain editorially separate, however. Members of the Belmonte family, the main owners of Philstar, have told newspapers that MediaQuest’s entry would pave the way for the print group’s entry into the booming world of multimedia.
