PRIME, ABS-CBN JV TO FOCUS ON PRODUCING CONTENT
For radio, cable TV, other platforms
THE joint venture (JV) between Prime Media and ABS-CBN will focus mainly on content creation and production for distribution to radio, cable television and other platforms – not for free TV broadcast, according to Atty. Manolito A. Manalo, president of Prime Media.
“The objective of the JV is to provide accurate and balanced news and information to the country and public service. The content produced by the joint venture will be distributed to radio, cable tv and other platforms, including the stations under Philippine Collective Media Company (PCMC). The business model is similar to various local studios and production companies but the content we will produce are not for free TV broadcast,” Manalo said.
Manalo further clarified that “PCMC is just one of its distribution channels. It is an independent organization. ABS-CBN will not be involved in Prime’s or PCMC’s operations. The Parties will create a joint venture company.”
Prime Media recognizes the power of radio as a means to connect people, raise awareness and influence positive social change due to its wide reach, affordability and accessibility.
“The partnership with ABS-CBN is, without a doubt, a great business opportunity. More importantly, it is an ideal example of corporate social responsibility; meant to address information gaps and provide public service,” Manalo said.
“For the shareholders of Prime, the transaction will enhance their shares’ value through the revenue stream expected to be generated from its equity investment in the joint venture,” added Manalo.
