RAMON S. Ang, president and COO of conglomerate San Miguel Corp., is in talks to buy the Prieto family’s majority stake in the Inquirer Group of Cos. (IGC).
Both Ang and the Prieto family confirmed the talks, though no further details, e.g., how much money would exchange hands, were announced.
Ang said he is buying Prietos’s stake in the company in his personal capacity and not as San Miguel. He also did not reply to the BusinessMirror’s query on how much he is paying for the IGC stake.
In a statement posted on their Twitter site, the Prieto family said talks between the two groups started in 2014 and was restarted early this year, after the family completed its annual review of the business plans for the Inquirer Group.
“The due diligence review on the [IGC] will be undertaken soon by Mr. Ang,” according to the statement.
The group’s chairman Marixi Prieto said Ang is her “long-standing friend and business partner”.
“The Prieto family’s decision to divest after 25 years is a strategic business decision that it believes will maximize growth opportunities for the Inquirer Group,” the IGC said, adding it believes Ang will uphold the publication’s “commitment to pursuing the highest standards of journalism”.
The Prieto family said all the existing contracts of the IGC will remain in effect.
In a separate statement Ang said he accepted the offer of the Prieto family to invest in the IGC.
“I am looking forward to be part of this venerable institution,” he said. “The publication will continue to uphold the highest journalistic standards and make a difference in the society it serves.”
The Inquirer Group is the umbrella firm that publishes its eponymous broadsheet. It also has other publications, such as tabloids and magazines.
The group also includes a web site for its flagship paper, a radio station and a printing press.
1 comment
The Marcos crony Prieto family are exiting as they know the Inquirer is finished. The games is uo and they have been shown to be Marcos cronies, thieves, tax evaders and people who are churning our FAKE news all over the place. Biased news at its best for those oppose any oligarch and any change for the good of the Filipino people.