MediaQuest gains control of BusinessWorld

MANILA, Philippines - The Philippine Long Distance Telephone Co. (PLDT) Group has formalized its acquisition of a majority stake in the country’s first business daily.

MediaQuest Holdings Inc. has completed the infusion of fresh capital into BusinessWorld Publishing Corp., an official said.

“MediaQuest has exercised its pre-emptive right to subscribe to 30 million new shares of BusinessWorld,” Ray C. Espinosa, director of MediaQuest Holdings Inc., said in a text message. MediaQuest handles the PLDT Group’s media assets including TV5.

“MediaQuest has also agreed to subscribe to 70 million new shares of BusinessWorld, which were not taken up by other shareholders,” Espinosa said.

Shareholders waived their rights to buy the new shares, Espinosa said.

Last June, PLDT chairman Manuel V. Pangilinan told reporters on the sidelines of the company’s stockholders meeting late Friday that its acquisition of more shares in BusinessWorld  was a done deal.

Prior to the transaction, MediaQuest held 30 percent of BusinessWorld.

Established in the 1990s, PLDT Beneficial Trust Fund’s MediaQuest also has a 20-percent interest in The Philippine STAR and an 18-percent stake in Philippine Daily Inquirer.

MediaQuest owns media establishments such as Associated Broadcasting Co. (TV5), Nation Broadcasting Corp. and Cignal Digital TV.

The PLDT Group is also planning to take a majority stake in The Philippine STAR. To date, The Philippine STAR is 51 percent owned by the Belmonte family while the PLDT Group holds a 20-percent stake.

Last March, PLDT’s board of directors approved a P750-million infusion in its media assets to transform it into a multimedia service company and more visible to shareholders of PLDT.