PLDT unit buys into BusinessWorld

Philippine Long Distance Telephone Co. (PLDT) subsidiary MediaQuest has signed a binding agreement to purchase a 30 percent interest in BusinessWorld Publishing Corp. from the estate of Don Enrique Zobel. The purchase, which is for an undisclosed amount, will be completed in three weeks.

MediaQuest is an investment vehicle of PLDT’s Beneficial Trust Fund and focuses on media related opportunities. It currently owns a 51 percent controlling interest in Nation Broadcasting Corp., a TV and radio business, as well as a 33.35 percent interest in Central CATV, a cable television company. BusinessWorld is the leading business newspaper in the country and despite its niche market, currently ranks fourth in the broadsheet industry in terms of advertising revenues.

PLDT and Media- Quest chairman Manuel Pangilinan said the acquisition will allow Media- Quest to participate in what is clearly the pre-eminent business newspaper in the Philippines. "The changing world of print and evolution of new media, provide many exciting opportunities for the future growth of BusinessWorld," he pointed out.

BusinessWorld chief executive officer Barbara Locsin said: "We welcome MediaQuest as a shareholder of BusinessWorld and the participation of the new directors on the company’s board.

The management and employees of BusinessWorld, who are the majority owners of the paper through its retirement fund, look forward to a successful partnership with this well-respected group."

"We are looking forward to an exciting partnership where we can contribute our strengths in technology to enhance further BusinessWorld’s leadership in business journalism." said Orlando Vea, MediaQuest president.

Stressing the paper¶s commitment to the ideals of its founder, Raul L. Locsin, publisher and editor-in-chief Ronaldo Romero said the transaction "will not, in any way, affect editorial policy and practices. As has been its well guarded tradition, editorial remains independent of the business side of BusinessWorld’s operations."

"We welcome this new opportunity to further strengthen our coverage of Philippine business." he added.