MANILA, Philippines – Ramon S. Ang, SMC’s President and Chief Operating Officer (CEO), is acquiring the controlling stakes in Philippine Daily Inquirer (PDI); one of the country’s largest media conglomerate owned by the Prieto family.
The recent development was confirmed by Inquirer in a statement on its Twitter account.
“The Chair of the Inquirer Group of Companies, Marixi Prieto, confirmed today that she has resumed discussions with longstanding friend and business partner Ramon S. Ang for the sale of the Prieto family’s interest and majority share in the Inquirer Group,” said the statement; adding a due diligence review on the Inquirer Group will be undertaken by Ang.
The same thing was confirmed by Ang in a separate statement.
“I have accepted the offer of the Prieto family to invest in the Inquirer Group. I am looking forward to be part of this venerable institution and work with the men and women who made it what it is now,” said Ang.
Inquirer chair, Marixi Rufino-Prieto, said during an emotional address to the employees at the headquarters on Monday, that she is confident Ang will support the newspaper’s commitment to pursuing the highest standards of journalism.
Both camps have not divulge any details on how much the deal would cost but Prieto said business will be as usual at Inquirer and that “jobs and all existing employment contracts of the Inquirer Group will remain in effect.”
Inquirer has been the subject of recent attacks by President Rodrigo Duterte, particularly over the alleged unpaid taxes of a government property in Makati City leased to the Prieto family.