PLDT unit buys Philippine TV channel
MANILA, Oct 21 (Reuters) - Mediaquest Holdings Inc, a company allied to Philippine Long Distance Telephone Co (TEL.PS), said on Wednesday it had acquired a 75 percent interest in ABC Development Corp, which runs the country's third-largest television channel.
It has also reached an agreement to acquire a 70 percent stake in Primedia Inc which produces programmes for television and marketing of air-time for $16 million. The stake is being sold by Malaysian company Media Prime Bhd (MPRM.KL).
The ABC 5 channel ranks third in the Philippines after ABS-CBN Broadcasting Corp (ABS.PS) and GMA Network Inc (GMA7.PS).
"By investing in both ABC 5 and Primedia, Mediaquest expects to further enhance TV 5's programming, ratings and sales as well as improve the broadcast network's coverage and signal strength throughout the country," Mediaquest said in a statement.
The company did not mention the value of the stake purchase in ABC and Mediaquest officials were not immediately available for comment.
PLDT, the country's largest listed firm, is owned by Hong Kong's First Pacific Holdings (0142.HK), Japan's NTT Communications and NTT DoCoMo (9437.T). Mediaquest is wholly owned by the PLDT Beneficial Trust Fund. (Reporting by Raju Gopalakrishnan; Editing by Anshuman Daga)
