MediaQuest Holdings

Last updated

MediaQuest Holdings, Inc.
Company type Subsidiary
Industry Mass media
Founded1998
Headquarters5th Floor, LaunchPad Center, Reliance cor. Sheridan Sts, Mandaluyong, Metro Manila, Philippines
Key people
  • Manuel V. Pangilinan (Chairman)
  • Jane J. Basas (President and CEO)
  • Charles Lejano (Corporate Communications Head)
Products
Services
OwnerPLDT Beneficial Trust Fund
Parent PLDT
Subsidiaries TV5 Network Inc.
Nation Broadcasting Corporation
Cignal TV, Inc.
Hastings Holdings, Inc.
Website mediaquest.com.ph

MediaQuest Holdings, Inc. is a Philippine media company based in Mandaluyong. It is involved in radio and television broadcasting, as well as direct-to-home satellite services and print media. Though an affiliate of telecommunications company PLDT, MediaQuest is owned by the former's Beneficial Trust Fund (corporate entity - BTF Holdings, Inc.), a retirement pension plan funded through its Philippine Depository Receipts. PLDT does not directly own any media property as the current 1987 Constitution states that media companies should be 100% owned by Filipinos and the company's major shareholders include foreign entities such as First Pacific, and Nippon Telegraph and Telephone.

Contents

MediaQuest owns and operates national media firms TV5 Network Inc. (TV5) and Nation Broadcasting Corporation (NBC), as well as pay TV provider and regional radio and TV networks Cignal TV. MediaQuest also owns majority interest on newspaper companies The Philippine Star and Business World Publishing Corporation (BusinessWorld), and 30% of film production unit Unitel Group.

History

Former logo MediaQuest Hodings logo.svg
Former logo

MediaQuest was established in 1998 by PLDT through its Beneficial Trust Fund, a retirement fund agency. First with the acquisition of Home Cable, a direct-to-home cable TV subscription service and second largest cable TV company through Unilink Communications. On July 1, 2001, Home Cable merged its CATV operation to Sky Cable Corporation and created Beyond Cable Holdings, Inc. with an enterprise value of P14.5 billion. Beyond Cable Inc. controls 66.5% through Benpres Holdings and 33.5% through MediaQuest Holdings Inc. [1] [2] Home Cable ceased its operations on June 30, 2005 (which was replaced by SkyCable Silver). PLDT sold its stake in SkyCable to the owner by ABS-CBN Corporation and Lopez Holdings Corporation in 2008.

In 1998, MediaQuest acquired Nation Broadcasting Corporation from the consortium of the Yabut family and then House Speaker Manny Villar.

In 2001, MediaQuest bought a controlling stake in GMA Network. This was until 2006 when an attempt to acquire GMA was failed. MediaQuest attempted again to acquire the network in 2012 but the talks collapsed.

In 2007, MediaQuest acquired GV Broadcasting Systems and its owner Satventures Inc., a direct-to-home satellite provider and radio network, from the Galang family. At the same year, it launched myTV as a mobile TV service. GV was later renamed as Mediascape, and officially launched its satellite pay TV service Cignal in 2009.

In March 2010, MediaQuest acquired ABC Development Corporation and its blocktimer MPB Primedia Inc. from a joint consortium led by former PLDT Chairman Antonio "Tony Boy" O. Cojuangco, Jr. and Malaysia-based broadcaster Media Prima Berhad. [3]

In 2013, MediaQuest, through subsidiary Hasting Holdings, took over and later acquires the 70% ownership share on newspaper BusinessWorld after contributing to the company's capital. [4] The group has previously acquired an 18% stake in national newspaper, the Philippine Daily Inquirer .

In 2014, MediaQuest acquired a majority stake of 51% in The Philippine Star . The Belmonte family, owners of the newspaper, retained a 21% stake, as well as management and editorial control. Pangilinan has since appointed Atty. Ray Espinosa as the company's new chairman of the board. [5]

In May 2022, PLDT named Smart Communications SVP/Head of Consumer Business Jane Basas as new President and CEO of MediaQuest Holdings, replacing Espinosa who remained as board member and retained his positions for Philstar/Hastings and Meralco. Basas previously served as President/CEO of Cignal TV from 2016 to 2020. [6] [7]

In June 2022, ABS-CBN engaged into advanced talks with TV5's parent company, MediaQuest Holdings to allow its resources combined after Villar Group-backed Advanced Media Broadcasting System acquired ABS-CBN's former frequency, and slated to begin operations in October 2022 as AMBS-2. [8] [9] On August 10, 2022, ABS-CBN and MediaQuest Holdings signed a "convertible note agreement" as announced on the following day for the ABS-CBN's investment into TV5 Network by acquiring 34.99% of the company's common shares, with an option to increase it stake to 49.92% within the next eight years with MediaQuest remained as the TV5's controlling shareholder with 64.79% of TV5's common shares. Meanwhile, MediaQuest Holdings executed a "debt instruments agreement" by acquiring a 38.88% minority stake of ABS-CBN's cable TV arm Sky Cable Corporation through Cignal TV, with an option to acquire an additional 61.12% of Sky Cable shares within the next eight years. [10] [11] [12] After ABS-CBN and TV5 had a partnership deal, the House of Representatives has set a briefing and SAGIP Representative Rodante Marcoleta commented that TV5 violated the broadcasting franchise with ABS-CBN deal. [13] [14] But a day later, the briefing scheduled was cancelled that supposed to happen on that day. [15] On August 24, the two broadcasting companies agreed to pause their closing preparations for the deal following concerns from politicians and some government agencies. [16] However, the agreement was terminated on September 1. [17]

In June 2023, the company announced their partnership with Eat Bulaga! hosts Tito Sotto, Vic Sotto, Joey De Leon to form their own production company, TVJ Productions Inc. after signing a contract with TV5. This occurred a week after they left TAPE Inc. due to various issues with the new management. [18]

Assets

Television and radio

Motion picture

Other assets

Previous assets

See also

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References

  1. ↑ "Home, SkyCable merge - the Philippine Star » News » Business". The Philippine STAR . Archived from the original on September 7, 2012. Retrieved March 14, 2011.
  2. ↑ "GMA Network opposes SkyCable-Home Cable full consolidation". Archived from the original on July 23, 2011. Retrieved March 14, 2011.
  3. ↑ "PLDT unit acquires majority stake in ABC-5, Primedia". ABS-CBN News. October 29, 2009. Retrieved October 29, 2009.
  4. ↑ PLDT Group seals takeover of BusinessWorld Archived June 18, 2013, at the Wayback Machine retrieved July 1, 2013
  5. ↑ Agcaoili, Lawrence (April 1, 2014). "MVP gets 51% of STAR". The Philippine Star. Retrieved August 5, 2014.
  6. ↑ "Ray Espinosa exits: Al Panlilio picks Smart's Jane Basas to lead MediaQuest's multimedia expansion of Cignal, TV5 and PhilStar". Bilyonaryo. May 18, 2022. Retrieved June 4, 2022.
  7. ↑ "BIZ BUZZ: First choice". Philippine Daily Inquirer. May 23, 2022. Retrieved June 4, 2022.
  8. ↑ "ABS-CBN and Mediaquest in advanced talks for 50/50 partnership". Media Newser Philippines. June 3, 2022. Retrieved August 11, 2022.
  9. ↑ "Philippines' ABS-CBN, TV5 in 'Evolving' Talks, Pangilinan Says". Bloomberg.com. June 4, 2022. Retrieved August 11, 2022.
  10. ↑ "MediaQuest officially partnering with ABS-CBN". Media Newser Philippines. August 10, 2022. Retrieved August 10, 2022.
  11. ↑ "ABS-CBN to acquire 34.99% of TV5, Cignal invests in SkyCable". Rappler. August 11, 2022. Retrieved August 11, 2022.
  12. ↑ "Kapamilya + Kapatid: ABS-CBN, TV5 reach partnership deal". ABS-CBN News. Retrieved August 11, 2022.
  13. ↑ "House committee sets briefing on ABS-CBN, TV5 deal". ABS-CBN News. Retrieved August 16, 2022.
  14. ↑ "Marcoleta claims TV5 violated its broadcasting franchise with ABS-CBN deal". CNN Philippines. Archived from the original on August 17, 2022. Retrieved August 16, 2022.
  15. ↑ "What happened? ABS-CBN, TV5 briefing removed from House panel's agenda". Manila Bulletin. August 17, 2022. Retrieved August 17, 2022.
  16. ↑ Rivas, Ralf (August 24, 2022). "ABS-CBN, TV5 hit pause on business deal". Rappler. Retrieved September 1, 2022.
  17. ↑ Rivas, Ralf (September 1, 2022). "ABS-CBN, TV5 end landmark deal amid political pressure". Rappler. Retrieved September 1, 2022.
  18. ↑ "Tito, Vic and Joey formally sign contract with TV5; New Noon Show starts July 1" . Retrieved October 24, 2023.
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