MANILA, Philippines – Businessman Manuel V. Pangilinan confirmed that he remains keen in acquiring a stake in social news media Rappler.
In a press briefing on Thursday, March 1, Pangilinan said that, while he doesn’t have a stake in the new news group yet, he would be interested to pour in capital equivalent to a minority stake when Rappler would require new funding.
“Your first round of financing closed already,” he said, addressing this Rappler journalist. “But we might [join] the second [financing] round. If you folks would raise more money, we would be interested.”
He said, however, that this potential equity participation would not be under Mediaquest Corp, his group’s corporate vehicle for previous media purchases, including broadcast station TV5, broadsheet BusinessWorld Publishing, and several radio units.
“It’s a personal investment because Maria [Ressa] is a good friend. I thought we should support her,” he said, referring to the Rappler CEO and executive editor.
When pressed further by another journalist at the briefing how much he is eyeing in Rappler, he replied, “Very small. Five? 10%? So that at least we leave you (Rappler) folks out there.”
In the same briefing, Pangilinan also confirmed interest in acquiring a stake in another media firm, GMA Network Inc., which operates GMA-7.
TV5 trails behind GMA-7 and Lopez-led ABS-CBN Corp. All 3 have online news sites.
Rappler is social news network where stories inspire community engagement and digitally fuelled actions for social change.
Learn more about Rappler here. – Rappler.com