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MANILA, Philippines – After months of rumors, businessman Manuel V. Pangilinan denied he holds a stake in Rappler.com.
Pangilinan said “he does not own Rappler.com,” InterAksyon.com, the news website of TV5, quoted him as saying in an interview at a group’s event on Friday, February 24.
Pangilinan is the chairman of ABC Development Corp., the operator of TV5 and a unit of Mediquest Corp.
Mediaquest, funded by pension fund of telecommunications giant Philippine Long Distance Telephone Co. (PLDT), is the corporate vehicle of the Pangilinan-led Philippine businesses of Hong Kong-based First Pacific Ltd.
PLDT’s success in mobile telecommunications in the past decade spawned its entry into other businesses, including infrastructure, power, energy, mining, among others. The group was behind big-ticket acquisitions in recent years and more deals are being pursued.
Aside from TV5, Mediaquest also has stakes in daily broadsheets BusinessWorld Publishing Inc. and The Philippine Star.
Before end-2011, rumors also spread that the Pangilinan group is in talks with shareholders of GMA Network Inc., the 2nd biggest broadcast firm in the Philippines. TV5 trails behind GMA-7 and Lopez-led ABS-CBN Corp. All 3 have online news sites.
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