‘Prime-ABS-CBN venture just for radio content’

THE joint venture between Prime Media and ABS-CBN will focus mainly on content creation and production for radio programs, not for free television broadcasts, Prime Media President Manolito A. Manalo said Friday.

“The objective of the JV is to provide accurate and balanced news and information to the country and public service,” Manalo, a lawyer, said in a statement.

“The content produced by the joint venture will be distributed to radio, cable TV, and other platforms, including the stations under the Philippine CollectiveMedia Company (PCMC). The business model is similar to various local studios and production companies, but the content we will produce are not for free-TV broadcasts,” he added.

“PCMC is just one of its distribution channels. It is an independent organization,” Manalo further clarified.

“ABS-CBN will not be involved in Prime’s or PCMC’s operations. The Parties will create a joint venture company,” he said.

Prime Media recognizes the power of radio to connect people, raise awareness, and influence positive social change due to its wide reach, affordability, and accessibility, Manalo said.

“The partnership with ABS-CBN is, without a doubt, a great business opportunity. More importantly, it is an ideal example of corporate social responsibility; meant to address information gaps and provide public service,” the statement read.

“For the shareholders of Prime, the transaction will enhance their shares’ value through the revenue stream expected to be generated from its equity investment in the joint venture,” it added.

ABS-CBN Corp. said Tuesday it signed a joint venture agreement with Prime Media Holdings Inc. to produce various content and programs.