By Paolo Montecillo, Bayani San Diego Jr.
Philippine Daily Inquirer
The new owners of TV5, led by businessman Manuel V. Pangilinan, want to pour in another P5 billion into the network to ensure that it overtakes ABS-CBN and GMA 7 for the top spot in the local broadcasting industry.
This additional investment will go on top of the P5 billion that MediaQuest Holdings Inc. plans to spend just this year to reach the goal of being the country’s largest TV network.
MediaQuest, a subsidiary of Philippine Long Distance Telephone Co.’s (PLDT) Beneficial Trust Fund, acquired ABC Development Corp. (TV5’s corporate name) for an undisclosed amount last year.
It likewise bought MPB Primedia, the Philippine unit of TV5’s Malaysian block timer Media Prima Berhad, last year.
“Right now, we are a strong No. 3, but our goal, of course, is to be No. 1 in both news and entertainment,†MediaQuest president and CEO Rey C. Espinosa said at the grand launch of the TV5 brand Thursday night at the World Trade Center in Pasay City.
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