Owner of top Philippine newspaper says in talks to sell stake to San Miguel Corp. president

July 17, 2017

A top Philippine newspaper said Monday it is in talks to be bought by the president of San Miguel Corp., the country’s biggest conglomerate. In a statement, the Philippine Daily Inquirer said its chairman Marixi Prieto, confirmed today she has resumed discussions with longstanding friend and business partner Ramon S. Ang for the same of the Prieto family’s interest and majority share in the Inquirer Group.” “The Prieto family’s decision to divest after 25 years is a strategic business decision that it believes will maximize growth opportunities for the Inquirer Group,” it said. In an article at its Facebook page, the Inquirer said Ang will be acquiring the Prieto family's 85 percent stake in the Inquirer Group "which includes the digital media organization, the printing and publishing business, radio station and other allied units." Talks between the two parties “began 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 Inquirer statement said. No time time for the acquisition of the newspaper was set, The Inquirer statement said a due diligence review “will be undertaken soon by Mr Ang.” The Philippine Daily Inquirer, which began as a weekly in 1984, became a daily on December 1985. Known for its hard-hitting stories, it recently earned the ire of President Rodrigo Duterte after it reported on the alleged extrajudicial killings. DMS