MANILA, Philippines - The group of telecommunications giant Philippine Long Distance Telephone Co. (PLDT) is close to sealing a deal that will allow it to acquire at least 75 percent of The STAR Group of Publications, the telco’s highest ranking official said.
At the sidelines of Meralco’s annual stockholders’ meeting yesterday, PLDT chairman Manuel V. Pangilinan said an agreement is expected to be reached in a month or two with around 75 percent to 77 percent of The Philippine STAR to be acquired by the PLDT Group through Media Quest Holdings Inc.
“A deal is forthcoming,” said Pangilinan, adding that he has sold his personal stake in The STAR to the PLDT Beneficial Trust Fund.
“Let’s just wait for the announcement to be made. It’s near… definitely within the year,” Pangilinan said.
Asked if he was rushing the purchase in preparation for the 2010 elections, Pangilinan said: “Wala akong alam na ganon.”
MediaQuest, a subsidiary of the PLDT Beneficial Trust Fund, announced in January it was in discussions with the owners of The Philippine STAR led by the Belmonte family, for a possible investment.
Pangilinan said the group is looking to acquire more than 50 percent of The STAR Group, the country’s biggest print publishing group, for around P4.8 billion. “We have locked in the price. It’s in the range of P4 billion,” Pangilinan earlier said.
Aside from its flagship The Philippine STAR, the group also publishes tabloids Pilipino Star Ngayon and PM, Cebu-based The Freeman, Banat and People Asia Magazine.
Pangilinan said BusinessWorld, a business paper in which MediaQuest holds a 30 percent stake, is also expected to benefit from the proposed deal if it pushes through.
He added the PLDT group remainson the lookout for more opportunities in the media industry.