NATION Broadcasting Corp. (NBC) has entered into a blocktime and content licensing agreements with Philippine Collective Media Corp. (PCMC) for its FM frequency 92.3 in Manila and other regional stations.
NBC is in discussions for the transfer of its radio assets to PCMC, pending regulatory approvals and other commercial terms, the company said in a statement on Monday.
It added that it is also launching True Network, the company’s multi-platform strategy to bring its news, public service, and entertainment programs to broadcast radio.
NBC, operated by Pangilinan-led TV5 Network, Inc., said its True FM programs operating under the 92.3 MHz frequency will be transferred to PCMC.
“We will support the momentum that we have built for True FM and develop new audiences on TV, podcasts, and digital,†NBC General Manager Raul M. Dela Cruz said.
This is part of the company’s strategy to launch its pay television channel, True TV, which is set to air on Channel 19 for Cignal TV subscribers starting Nov. 4, NBC said.
MediaQuest Holdings, Inc. acquired NBC in 1998. It was the first network outside of Metro Manila to broadcast on a 24-hour basis and the first company to launch FM stations in Visayas and Mindanao.
“We likewise confirm that PCMC entered into blocktime and content licensing agreements with Nation Broadcasting Corp. for FM Frequency 92.3 in Manila and other regional radio stations,†Prime Media Holdings, Inc. said in a stock exchange disclosure.
NBC said True FM’s programs like Wanted sa Radyo, Ted Failon and DJ Chacha, Sana Lourd, Heart 2 Heart, Cristy FerMinute, Bangon Bayan with Mon, Frontline Pilipinas, Shoutout!, Match Made, Dr. Love, and Sagot Kita, will now air on 105.9 in Metro Manila; 106.7 in Davao; 101.9 in Cebu; 101.5 in Cagayan De Oro; 99.9 in Ormoc; and 104.7 in Tacloban.
Manolito A. Manalo-led Prime Media, through its parent company RYM Business Management Corp., executed an agreement with Golden Peregrine Holdings, Inc., the parent company of PCMC, for a share-for-share swap transaction.
Under this transaction, shareholders in Golden Peregrine will transfer their shares in the company for shares of stock of Prime Media.
“This transaction has not yet been completed as the parties are awaiting approval of the Securities and Exchange Commission in relation to several amendments of the Articles of Incorporation of the Company as a condition precedent to closing,†Prime Media said, noting that its operations have not yet been consolidated with the operations of PCMC.
Broadcast firm PCMC started its operations in Tacloban in 2009 after being founded by Leyte Rep. Ferdinand Martin G. Romualdez.
Prime Media also announced last week that it was seeking P531 million via private placements to fund its expansion plans. It said that its board of directors had approved private placements from Valiant Consolidated Resources, Inc. and Cymac Holdings Corp.
Further, Prime Media’s board of directors also approved the request of PCMC to borrow P531 million in loans.
PCMC is the operator of PRTV and other radio stations under the Favorite Music Radio brand across the country.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest, has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose
