THE third-largest media network in the Philippines could break even in three years' time as its losses are gradually narrowing, TV5 Chairman Manuel V. Pangilinan said.
"The losses are declining slowly and the numbers are getting better... [We expect to break even] not until maybe three years from now," Mr. Pangilinan said on the sidelines of a media briefing on Thursday in Makati City.
The Philippine Long Distance Telephone Co. (PLDT) group, through unit MediaQuest Corp, acquired ABC Development Corp., the operator of TV5, in 2009. Mediaquest bought TV5 from the Cojuangco group for P4 billion, and acquired MPB Primedia of Malaysia, the network's major block-timer, for $16 million. Around P12 billion was budgeted for capital expenditures and programming.
Early this month, Pilipinas Global Network Ltd. (PGN), a joint venture between PLDT and ABC Development Corp., signed an agreement with Malaysia's MEASAT Satellite Systems Sdn. Bhd. to broadcast TV5 content channels to over 120 countries across the Asia-Pacific, the Middle East and Eastern Africa.
Under the terms of the agreement signed by the two companies on Monday, PGN Limited will use MEASAT-3 to distribute the Aksyon TV International and Kapatid TV5 channels to over 120 countries.
When asked in November how the network will break even, news reports quoted Mr. Pangilinan as saying "We have to shift away from consumer capitalism, commodity capitalism to intellectual capitalism. In that regard, innovation is key, and the ability to embrace change, take risks."
In 2004, PLDT-Beneficial Trust Fund attempted to buy 66.7% of GMA Network for P8.5 billion. Negotiations ended when the fund's unit, MediaQuest, cut its offer to P12 billion from P14.6 billion.
Interests related to PLDT own TV5, BusinessWorld, and the Philippine Star, as well as a minority stake in the Philippine Daily Inquirer.
PLDT reported muted second-quarter and first-half profit growth -- though on track to meet its full-year goal -- on the back of a modest revenue increase amid a faster rate of growth in expenses.
Net profit growth was little changed at 0.68% to P10.609 billion in the second quarter. For the half, net profit was P20.001 billion, up just 1.4%.
On Friday, PLDT's shares ended at P3,000 apiece, down P14 or 0.46% from Thursday. -- Chrisee Jalyssa V. Dela Paz
The Philippine Long Distance Telephone Co. (PLDT) group, through unit MediaQuest Corp, acquired ABC Development Corp., the operator of TV5, in 2009. Mediaquest bought TV5 from the Cojuangco group for P4 billion, and acquired MPB Primedia of Malaysia, the network's major block-timer, for $16 million. Around P12 billion was budgeted for capital expenditures and programming.
Early this month, Pilipinas Global Network Ltd. (PGN), a joint venture between PLDT and ABC Development Corp., signed an agreement with Malaysia's MEASAT Satellite Systems Sdn. Bhd. to broadcast TV5 content channels to over 120 countries across the Asia-Pacific, the Middle East and Eastern Africa.
Under the terms of the agreement signed by the two companies on Monday, PGN Limited will use MEASAT-3 to distribute the Aksyon TV International and Kapatid TV5 channels to over 120 countries.
When asked in November how the network will break even, news reports quoted Mr. Pangilinan as saying "We have to shift away from consumer capitalism, commodity capitalism to intellectual capitalism. In that regard, innovation is key, and the ability to embrace change, take risks."
In 2004, PLDT-Beneficial Trust Fund attempted to buy 66.7% of GMA Network for P8.5 billion. Negotiations ended when the fund's unit, MediaQuest, cut its offer to P12 billion from P14.6 billion.
Interests related to PLDT own TV5, BusinessWorld, and the Philippine Star, as well as a minority stake in the Philippine Daily Inquirer.
PLDT reported muted second-quarter and first-half profit growth -- though on track to meet its full-year goal -- on the back of a modest revenue increase amid a faster rate of growth in expenses.
Net profit growth was little changed at 0.68% to P10.609 billion in the second quarter. For the half, net profit was P20.001 billion, up just 1.4%.
On Friday, PLDT's shares ended at P3,000 apiece, down P14 or 0.46% from Thursday. -- Chrisee Jalyssa V. Dela Paz
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