Pangilinan willing to sell Inquirer stake
BUSINESSMAN Manuel V. Pangilinan said he is willing to divest his minority stake in the Inquirer Group of Companies following the Prieto family’s decision to sell its majority holdings to San Miguel Corp. President Ramon Ang.
“If there’s an offer to buy our stake at an acceptable price, we are willing to divest,” Mr. Pangilinan said in a text message.
The Prieto family holds 85% stake in the Inquirer Group of Companies, while Mr. Pangilinan, who is the chairman, president and CEO of PLDT, Inc., holds the remaining 15% balance.
Inquirer Chairman Marixi Prieto said in a statement on Monday that it was a “strategic business decision” to sell to Mr. Ang following talks that began in 2014.
“We are confident that Mr. Ang will support our commitment to pursuing the highest standards of journalism,” Ms. Prieto said in a statement.
Prior to the Prieto family’s decision to let go of Inquirer, the national broadsheet has been the subject of tirade from President Rodrigo R. Duterte over what the President tagged as “slanted” reports. Mr. Duterte has also threatened to take back the Prieto family’s 2.9- hectare Milo Long Property in Makati due to alleged tax arrears running into the billions.
UP journalism professor Danilo Arao said the Inquirer sale may be troubling for press freedom as the newspaper has been producing reports critical of the administration, but also noted Mr. Ang’s promise to uphold journalism standards.
But for a market analyst, business pressure beyond political pressure may have also played a part.
“There is political pressure, but I think the reason why they are selling out is the landscape is now getting more challenging not only in the Philippines but also globally,” said Astro del Castillo, managing director of First Grade Holdings.
Valuation and transaction terms have yet to be ironed out as of press time.
The Philippine Competition Commission also said that they will have to sign off on the transaction it breaches the P1- billion threshold for acquisitions.
“The review will look essentially into whether the acquisition would substantially lessen or impact competition,” PCC Chair Arsenio Balisacan said.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls.