MANILA, Philippines — Romualdez-owned Prime Media Holdings, Inc. said its joint venture with ABS-CBN Corp. will be focussed on content creation and production of “accurate and balanced news and information”.
In a disclosure sent to the Philippine Stock Exchange on Monday, Prime Media said the content produced by the joint venture “will be distributed to radio, cable tv and other platforms, including the stations under the Philippine Collective Media Company.”
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Prime Media is a subsidiary of RYM Business Management Corp., a holding firm owned by House Speaker Martin Romualdez.
“The business model is similar to various local studios and production companies but the content we will produce are not for free TV broadcast,” said Manolito Manalo, Prime Media president.
The joint venture was announced in the wake of ABS-CBN taking TeleRadyo off the airwaves by June 30.
As it is, a disclosure issued to the local bourse last week noted that ABS-CBN will have a minority stake in the venture, with House Speaker Martin Romualdez’s holding firm, Prime Media, as the majority shareholder.
Prime Media will own a 51% stake, with 20.4 million shares valued at P20.4 million while ABS-CBN will own 49% of the joint venture company for 19.6 million shares at P19.6 million, based on ABS-CBN’s local bourse filing last Tuesday.
“PCMC is just one of its distribution channels. It is an independent organization. ABS-CBN will not be involved in Prime’s or PCMC’s operations,” Manalo added.
Shares in Prime Media ended trading 14.5% up at P2.29 apiece on Monday. — Ramon Royandoyan