Online news portal of TV5 shutting down end-March

January 18, 2018

The online news portal of TV5 is shutting down effective end of March as part of its rationalization program, laying off around 20 regular editors and reporters.

Roby Alampay, editor-in-chief of Interaksyon.com and Business World, said TV5 will consolidate all digital news properties under news5.com.ph.

"That consolidation translates to a rationalization of manpower as well. That affects around 20 regular staff, which is the entire InterAksyon team," he added.

Earlier, TV5 entered a  long-term agreement with US sports network ESPN to reposition itself into sports and news network.

TV5’s “Sports 5” will be known  as “ESPN5,” encompassing all sports coverage on TV5. ESPN will license to  TV5 more than 2,500 hours additional programming per year from its portfolio of sports rights, original programming and studio programs.

ESPN is 80 percent owned by ABC, Inc., an indirect subsidiary of The Walt Disney Company.  The Hearst Corp. holds a 20 percent interest in ESPN.

MediaQuest Holdings Inc. bought TV5 in 2009 from the Cojuangco family for P4 billion, and acquired MPB Primedia of Malaysia, a TV5 major block-timer, for $16 million.

Media Quest is owned by the Beneficial Trust Fund of Philippine Long Distance Telephone Co., which has interests in Nation Broadcasting Corp., Philippine Star, Philippine Daily Inquirer, Business World and Unitel Group. DMS