Manny Pangilinan halts reported P4.8B purchase of The Philippine Star for now
Business mogul Manny Pangilinan has said talks to acquire a controlling stake in The Philippine Star have been put on hold, reports Inquirer.net. He was reportedly working on buying an 87.5-percent stake in the Philippine Star Group for P4.8 billion. "We’re not looking at it at the moment," said Pangilinan, who holds about 10 percent in Philippine Star stocks.
Inquirer.net reports that Pangilinan’s group is currently focusing on its other media assets. The Associated Broadcasting Corp. television network, which Pangilinan leads, runs TV-5 and has acquired a 10-percent stake in the Philippine Daily Inquirer. The group’s media investment arm, MediaQuest Holdings, owns the National Broadcasting Corp., Cignal Digital TV and a minority stake in BusinessWorld Publishing Corp.
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