Now Corporation

Last updated
Now Corporation
Company type Public
PSE:  NOW
Industry Conglomerate
Predecessor
  • MF Schroder & Co., Inc. (1996–2002)
  • Cashrounds, Inc. (2002–2006)
  • Information Capital Technology Ventures, Inc. (2006–2013)
Founded5 June 1996;27 years ago (1996-06-05)
Headquarters5/F OPL Bldg., 100 C. Palanca St., Legaspi Village,
Makati, Metro Manila
,
Philippines
Key people
Services
Revenue₱201.72 million (2020)
₱10.75 million (2020)
₱5.08 million (2020)
Total assets ₱2.72 billion (2020)
Total equity ₱2.17 billion (2020)
Subsidiaries See below
Website www.now-corp.com

Now Corporation (shortly known as Now Corp) is a Filipino conglomerate firm based in Makati, Philippines. The company's core businesses are centralized in the information and communications technology sector, including broadband internet and fiber-optic communication services (Now Telecom), information technology, digital media (NowPlanet.tv), management services, and cybersecurity among others. [1]

Contents

History

The company was founded on June 5, 1996 as MF Schroder & Co., Inc., initially offered security services. The company was renamed as Cashrounds, Inc. in 2002, and entered into initial public offering on the Philippine Stock Exchange.

Mel Velarde, a former executive of Central CATV, Inc. and president/CEO of Next Mobile Incorporated (NMI), acquired Cashrounds in 2005 in exchange of purchasing a partial stake in NMI. [2] The following year, Cashrounds changed its corporate name to Information Capital Technology Ventures, Inc. (ICTV). [3] [4]

ICTV began initializing its business venture with Asian Institute of Journalism and Communication (AIJC), an educational institute also owned by Velarde.

In 2013, ICTV was officially renamed as Now Corporation (Now Corp), named after its primary businesses such as NowPlanet and Now Telecom. [5]

In 2019, Now Corp inked a joint partnership with South Korean telecommunications firm SK Telecom for the rollout of Now Telecom's 5G broadband services. [6] [7]

On December 1, 2020, Now Corp inked a joint partnership with Finnish multinational telecommunication Nokia for the rollout of Now Telecom's 5G broadband services. [8]

On October 3, 2022, Now Corp announced plans to acquire substantial equity ownership in News and Entertainment Network Corporation (Newsnet) in a 20% stakes affiliate, as part of its thrust to grow, consolidate, and beef up its core business. [9] [10] [11]

On December 16, 2022, The US Trade and Development Agency secured grant funding for the 5G project. [12] On January 13, 2023, The US Trade and Development Agency and Now Telecom sealed an agreement by the US government to deploy nationwide standalone 5G mobile and fixed wireless network in the Philippines. [13] [14] The company will begin its commercial network in 2024. [15]

List of assets

Now Telecom

Now Telecom is Now Corporation's main business asset. It is a telecommunications company providing wireless broadband services, cellular mobile telephony system (CMTS), and fiber optic transmission.

NowPlanet.tv

NowPlanet.tv is a digital media platform engaging in livestreaming of various digital channels. It is also the livestreaming provider of the Metropolitan Manila Development Authority for its traffic monitoring data centers. [16]

Subsidiaries

Affiliates

Corporate governance

Ownership

Shareholder/s [1]  % of stake
Velarde, Inc.27.12%
Public stock19.34%
Top Mega Enterprises, Ltd.18.87%
Emerald Investments, Inc.13.87%
Gamboa Holdings, Inc.12.05%
Joyce Link Holdings Ltd.4.77%
Foodcamp Industries & Marketing, Inc.3.94%

Related Research Articles

Telecommunications in the Philippines are well-developed due to the presence of modern infrastructure facilities. The industry was deregulated in 1995 when President Fidel Ramos signed Republic Act No. 7925. This law opened the sector to more private players and improved the provision of telecom services are better and fairer rates, leading to the creation of many telecommunication service providers for mobile, fixed-line, Internet and other services.

China Telecommunications Corporation, known as its trading name China Telecom, is a Chinese state-owned telecommunication company. It is the largest fixed-line service and the third largest mobile telecommunication provider in China. It has three listed companies: China Telecom Corporation Limited, China Communications Services Corporation Limited and Besttone Holding Co., Ltd..

<span class="mw-page-title-main">SK Telecom</span> South Korean telecommunications company

SK Telecom Co., Ltd., abbreviated as SKT is a South Korean wireless telecommunications operator and former film distributor and is part of the SK Group, one of the country's largest chaebols. It leads the local market with 50.5 percent share as of 2008. SK Telecom is the largest wireless carrier in South Korea, with 27.019 million subscribers as of Q4 2017.

<span class="mw-page-title-main">Swisscom</span> Swiss telecommunication company

Swisscom AG is a major telecommunications provider in Switzerland. Its headquarters are located in Worblaufen near Bern. The Swiss government owns 51 percent of Swisscom AG. According to its own published data, Swisscom holds a market share of 56% for mobile, 50% for broadband and 37% for TV telecommunication in Switzerland. Its Italian subsidiary Fastweb is attributed 16% of private clients and 29% of corporate clients share of Italian broadband and is also active in the mobile market.

<span class="mw-page-title-main">Globe Telecom</span> Telecommunications company in the Philippines

Globe Telecom, Inc., commonly shortened as Globe, is a major provider of telecommunications services in the Philippines. The company operates the largest mobile network in the Philippines and one of the largest fixed-line and broadband networks. As of November 2023, Globe has 54.7 million subscribers, making it the second largest network in terms of subscriber base.

<span class="mw-page-title-main">PLDT</span> Telecommunications company in the Philippines

PLDT, Inc., formerly known as the Philippine Long Distance Telephone Company, is a Philippine telecommunications, internet and digital service company.

<span class="mw-page-title-main">Smart Communications</span> Telecommunications company in the Philippines

Smart Communications Inc., commonly referred to as Smart, is a wholly owned wireless communications and digital services subsidiary of PLDT Inc., a telecommunications and digital services provider based in the Philippines. As of November 2023, it is currently the largest mobile network with 55.2 million subscribers.

<span class="mw-page-title-main">Sky Cable</span> Cable television service in the Philippines

Sky Cable is a cable television service of Sky Cable Corporation in the Philippines. It covers areas across the country with both digital and analog cable services, and it has 700,000 subscribers, controlling 45% of the cable TV market.

<span class="mw-page-title-main">KT Corporation</span> South Korean telecommunication service provider

KT Corporation, formerly Korea Telecom, is a South Korean telecommunications company. KT is the second-largest wireless carrier in South Korea, with 16.493 million subscribers as of Q4 2017.

<span class="mw-page-title-main">SLTMobitel</span> Sri Lankan telecom company

Sri Lanka Telecom PLC, doing business as SLT-MOBITEL, is the national telecommunications services provider in Sri Lanka and one of the country's largest companies with an annual turnover in excess of Rs 40 billion. The company provides domestic and corporate services which include fixed and wireless telephony, Internet access and IT services to domestic, public and business sector customers. As of 2018 SLT-MOBITEL was Sri Lanka's second largest mobile network operator with over 7.9 million subscribers.

<span class="mw-page-title-main">Lopez Holdings Corporation</span> Filipino conglomerate and holding company

Lopez Holdings Corporation is a Filipino conglomerate founded by the brothers Eugenio Lopez, Sr. and Fernando Lopez, Sr. It has substantial holdings in the public service and utilities sector in the Philippines and serves as the Lopez family's publicly listed holding company for investments in major development sectors such as broadcasting and cable; telecommunications; power generation and distribution; manufacturing; and property development. It added to its portfolio investments in other basic service sectors but has also since sold its interest in banking, toll roads, information technology, and health care delivery.

<span class="mw-page-title-main">Metro Pacific Investments</span> Philippine conglomerate

Metro Pacific Investments Corporation (MPIC) is a Philippine-based unit investment holding company of First Pacific Company Limited through Metro Pacific Holdings, Inc. MPIC through its subsidiaries, provides water, sanitation, and sewerage services and also operates in real estate, and infrastructure projects. It also invests in some hospitals in the Philippines.

<span class="mw-page-title-main">Broadcast Enterprises and Affiliated Media</span> Philippine media company

Broadcast Enterprises and Affiliated Media, Inc. (BEAM) is a telecommunications company in the Philippines with primary focus on UHF broadcasting and digital terrestrial television for the convergence of multimedia. It is owned by Bethlehem Holdings, Inc., a media investment company of Globe Telecom through its Retirement Fund group.

<span class="mw-page-title-main">Sky Cable Corporation</span> Telecommunications company in the Philippines

Sky Cable Corporation, doing business as Sky, is a Filipino telecommunications company based in Diliman, Quezon City. A subsidiary of the media conglomerate ABS-CBN Corporation, the company offers broadband, cable and satellite television services under the Sky Cable and Sky Direct brands. The company was founded on June 6, 1990 by Benpres Holdings Corporation as Central CATV, Inc.

A bidding was held in November 2018 to determine the prospective third major telecommunications service provider in the Philippines which is meant by the Philippine government to compete with the existing duopoly of PLDT, Inc.–Smart Communications and Globe Telecom.

<span class="mw-page-title-main">Dito Telecommunity</span> Telecommunications company in the Philippines

Dito Telecommunity Corporation, formerly known as Mindanao Islamic Telephone Company, Inc. or Mislatel is a telecommunications company in the Philippines which is also engaged in the business of multimedia and information technology. It is a consortium of Dito CME Holdings Corporation, a subsidiary of the Udenna Corporation which is owned by Davao businessman Dennis Uy, and China Telecommunications Corporation, a state-owned enterprise of the government of mainland China and a parent company of China Telecom.

<span class="mw-page-title-main">Cignal TV</span> Philippine media and telecommunications company

Cignal TV, Inc., also known by its legal trading name Mediascape Inc., is a Filipino media and telecommunications firm in the Philippines. A wholly owned subsidiary of the media company MediaQuest Holdings under the PLDT Beneficial Trust Fund, the firm operates its pay television services, subscription television networks, television and film entertainment production, and fiber broadband internet.

<span class="mw-page-title-main">Now Telecom</span> Telecommunications company in the Philippines

Now Telecom Company, Inc. is a telecommunications firm based in the Philippines. The company provides broadband and fiber-optic communication services to upper-class residential and commercial areas in Metro Manila under the Now Fiber Air brand. The firm, along with Now Corporation and News and Entertainment Network Corporation (NEWSNET), formed the unified Now Network service.

Eastern Telecommunications Philippines, Inc. (ETPI), doing business as Eastern Communications, is the first telecommunications company in the Philippines under Vega Telecom. Founded in 1878 during the final years of the Spanish colonial era, it was the first company to provide telegraphic services.

Mel Velasco Velarde is a Filipino businessman. He is chairman of the Filipino telecommunications conglomerate, Now Corporation and NOW Telecom, and chairman and CEO of the Asian Institute of Journalism and Communication (AIJC). He is known for acquiring the Murillo Velarde 1734 Map, regarded as "The Mother of All Philippine Maps," through an auction at Sotheby’s London in 2014. The map served as critical evidence in the Philippines’ win against China's claim over the West Philippine Sea in 2016.

References

  1. 1 2 "Public Ownership Report as of March 31, 2021" . Retrieved 27 May 2021.
  2. ↑ "Next Mobile shareholder acquires two-thirds stake in publicly-listed Cashrounds". The Philippine Star . 22 March 2005.
  3. ↑ "Cashrounds changes name, hikes capital stock to P1.3B". The Philippine Star . 23 September 2006.
  4. ↑ "ICTV plans transfer to the PSE's Second Board". GMA News . 4 December 2008.
  5. ↑ "Now poised to revitalize operations". Philippine Daily Inquirer . 24 January 2015.
  6. ↑ "Now partners with leading Korean telco SK Telecom for 5G pivot". Manila Bulletin . 30 October 2019.
  7. ↑ "Now Corp teams up with Seoul's SK Telecom for rollout of 5G tech". Business Mirror . 29 October 2019.
  8. ↑ "NOW Group and Nokia Sign 5G MOU for Philippine Market". Now Corporation. December 1, 2020. Retrieved December 2, 2020.
  9. ↑ Abad, Roderick (October 4, 2022). "NOW Corp. to acquire stake in Newsnet". BusinessMirror. Retrieved 18 February 2023.
  10. ↑ Amojelar, Darwin G. (October 3, 2022). "Now Corp. to buy 20% stake in affiliate Newsnet". Manila Standard. Retrieved 18 February 2023.
  11. ↑ Iglesias, Myla (October 4, 2022). "Now to upgrade services with Newsnet acquisition". Malaya. Retrieved 18 February 2023.
  12. ↑ Cordero, Ted (December 16, 2022). "NOW Telecom secures USTDA grant funding". GMA News. Retrieved 1 February 2023.
  13. ↑ Abadilla, Emmie V. (January 13, 2023). "USTDA & NOW Telecom partner for 5G, NBN". Manila Bulletin. Retrieved 1 February 2023.
  14. ↑ "US gov't, NOW Telecom partner for 5G deployment in PH". CNN Philippines. January 13, 2023. Archived from the original on January 13, 2023.
  15. ↑ Abad, Roderick (January 26, 2023). "NOW Telecom to pilot 5G in NCR". BusinessMirror. Retrieved 1 February 2023.
  16. ↑ "Tolentino Launches MMDA Traffic Mirror". Business Mirror . 20 May 2013.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.