Prietos divesting from Inquirer, in talks with Ramon Ang

Xavier Trudeau
Juillet 17, 2017

Business tycoon Ramon Ang is venturing into the media industry in a surprise deal to buy out of one of the country's leading players.

"The family is confident that Mr. Ang will uphold the Inquirer Group's commitment to pursuing the highest standards [of] journalism".

In a separate statement Ang said he accepted the offer of the Prieto family to invest in the IGC.

The Prieto family that has controlled the Philippine Daily Inquirer for decades is in negotiations with businessman Ramon S. Ang for the sale of the family's interest and majority share in the Inquirer Group.

Marixi Prieto, in a statement, said the sale "culminates a series of talks that began between the two parties in 2014, and restarted early this year after the Prieto family completed its annual review of business plans in the Inquirer Group and other business interests".

The Prieto family's decision to divest after 25 years, according to the chairman of the Inquirer Group, is a strategic business decision that it believes will maximize growth opportunities for the group.

"I'm not threatening them but someday their karma will catch up with them", Duterte said, singling out the Prietos as well as the Lopez family that controls the television network.

Prieto said that it was "business as usual" at the Inquirer, reassuring employees that "jobs and all existing employment contracts of the Inquirer Group will remain in effect". "[Ang's] investments and business expertise will unlock added value in the Inquirer Group..." she said.

Ang vowed to respect Inquirer's legacy, saying: "The publication will continue to uphold the highest journalistic standards and make a difference in the society it serves".

The Inquirer Group is the umbrella firm that publishes its eponymous broadsheet. It also owns a news website, radio station and several magazines. Mister Duterte claims the Inquirer has been unfairly critical of his administration - especially his anti-drug campaign. In a speech on Monday, he again brought up accusations that Sunvar has failed to pay its dues on a government-owned property in Makati, where they put up several establishments such as the Premier Cinema, Mile-Long Arcade and Sunvar Plaza.

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