MANILA, Philippines – Telecommunications giant Philippine Long Distance Telephone Co. (PLDT) said yesterday its decision to raise its investment in MediaQuest Holdings Inc., owner of television network TV5 and direct-to-home satellite provider Cignal TV, highlights its stepped up efforts to diversify its business through new multi-media services.
PLDT, through wholly-owned subsidiary ePLDT, is investing US$ 140 million in the form of Philippine depositary receipts (PDRs) in MediaQuest to sustain the growth momentum of TV5 and Cignal TV. MediaQuest is owned and controlled by the PLDT Beneficial Trust Fund.
“The financial investment in media is important and expected to create value over a longer time frame but is one that is necessary for our growth and transformation,” PLDT chairman Manuel V. Pangilinan said. “Many other telecommunication companies worldwide have made similar investments in media assets.”
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