Prime Media Holdings

Last updated

Prime Media Holdings, Inc.
Formerly
  • Private Development Corporation of the Philippines (1963)
  • PDCP Development Bank, Inc. (1963–2000)
  • First e-Bank Corporation (2000–2003)
Type Public
PSE:  PRIM
IndustryHolding company (Investment)
FoundedFebruary 6, 1963;60 years ago (1963-02-06)
Headquarters16/F BDO Towers Valero, 8741 Paseo de Roxas, Legaspi Village,
Makati, Metro Manila
,
Philippines
Area served
Worldwide
Key people
Manolito A. Manalo (chairman and president)
ServicesBroadcasting
Owner
  • RYM Business Management Corporation (54.52%)
  • Mairete Asset Holdings Inc. (9.08%)
  • Angel Maple Properties Inc. (14.7%)
  • Cymac Holdings Corporation (2.94%)
  • Public stock (18.76%)
Subsidiaries Philippine Collective Media Corporation (indirect ownership)
Media Serbisyo Production Corporation (51%; co-owned with ABS-CBN Corporation)
Website primemediaholdingsinc.com

Prime Media Holdings, Inc. (PMHI, commonly known as Prime Media) is a Philippine investment holding company based in Makati. Originally founded on February 6, 1963 as a development bank, the company has been changed to its current status since 2003. It is majority controlled by RYM Business Management Corporation, a business holding company associated with the Romualdez clan.

Contents

History

Early years

The company traced its origins on February 6, 1963 as the Private Development Corporation of the Philippines (PDCP), later renamed to PDCP Development Bank, Inc. (PDCP Bank) the same year. [1] Metro Pacific Corporation (later renamed Neo Oracle) acquired the company in 1992 and renamed as First e-Bank Corporation (1st e-Bank) in 2000, while the Bank of Commerce bought a stake in 2002. [2] However, in October of the same year, BDO Unibank acquired the operations of 1st e-Bank including its Smart Money Mastercard debit card issuer (which is a partnership with Smart Communications until 2017). [3]

On October 20, 2003, First e-Bank Corporation was renamed as Prime Media Holdings after selling its namesake business to BDO Unibank, leaving the company became dormant as it shifts to a holding investment.

Under new ownership

In 2013, RYM Business Management Corporation, owned by the family of politician Martin Romualdez, acquired the majority stake in Prime Media from Neo Oracle. [4]

In May 2021, Prime Media Holdings signed a share-for-share swap agreement with Philippine Collective Media Corporation (PCMC), also owned by the Romualdez, through a backdoor listing. Under the deal, PCMC shareholders will exchange their shares of common stock to take majority control of PRIM, which will acquire PCMC and will become the latter's subsidiary. [5] [6] [7]

On May 23, 2023, Prime Media announced a joint venture agreement with ABS-CBN Corporation. The new venture company will produce and supply various programs including news content to broadcasters and third-party entities, including PCMC. [8] Along with it are plans to operate a radio station on ABS-CBN's former frequency 630 KHz (previously known as DZMM), and managing the Filipino-language cable news channel TeleRadyo (which was originally intended to cease its broadcast on June 30, but was abruptly cancelled and reduced to closing out most of its old concurrent programs instead). [9] [10] On June 26, 2023, 630 kHz conducted a test broadcast under the DWPM callsign. [11] [12] The station and its TV counterpart had its soft launch on June 30 as Radyo 630 and TeleRadyo Serbisyo respectively and officially launched on July 17. [13] [14]

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References

  1. ↑ de Castro Jr., Isagani (May 26, 2023). "FAST FACTS: Romualdez's Prime Media Holdings Inc". Rappler. Retrieved June 26, 2023.
  2. ↑ Torres, Ted. "Bancommerce acquires Metro Pacific's First e-Bank". Philstar.com. Retrieved June 26, 2023.
  3. ↑ Mendez, Christina; Diaz, Conrado Jr. (October 25, 2002). "Banco de Oro Takes Over First e-Bank Operations". Philstar Global. Retrieved February 16, 2022.
  4. ↑ Morales, Neil Jerome (July 9, 2013). "Prime Media placed under new mgm't". Philstar.com. Retrieved June 26, 2023.
  5. ↑ "Prime Media, PCMC sign pact for broadcasting entry". Manila Standard . May 27, 2021.
  6. ↑ Cabuag, VG (May 26, 2021). "Prime Media inks deal with broadcast firm". BusinessMirror .
  7. ↑ "Prime Media bares broadcast plans". Manila Bulletin . August 10, 2021.
  8. ↑ Mendoza, Red (May 23, 2023). "ABS-CBN to close Teleradyo, enters partnership with Romualdez media group". Manila Times . Retrieved May 23, 2023.
  9. ↑ "ABS-CBN's Lopez strikes deal with Prime Media to bring back DZMM on the airwaves". Bilyonaryo. May 23, 2023. Retrieved May 23, 2023.
  10. ↑ "Goodbye TeleRadyo, but DZMM 630 to rise from the dead". Rappler. May 24, 2023.
  11. ↑ "Former ABS-CBN radio 630 in AM band back on air as DWPM". Rappler . June 26, 2023. Retrieved June 27, 2023.
  12. ↑ Mendoza, Red (June 28, 2023). "ABS-Prime joint venture station holds test broadcasts". The Manila Times . Retrieved June 28, 2023.
  13. ↑ "The politics of radio: New station DWPM Radyo 630 is born". Rappler . June 30, 2023. Retrieved August 1, 2023.
  14. ↑ "Radyo 630 launches whole-day programming". Rappler . July 17, 2023. Retrieved August 1, 2023.
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