Prime Media Holdings, Inc.
Prime Media Holdings, Inc. (PMHI) owns AM radio station DWPM Radyo 630 and cable television channel TeleRadyo Serbisyo, both launched on June 30, 2023. Their ownership is through a PhP40 million (around $703.779) joint venture with ABS-CBN, which used to own the station and channel.
Expansion plans in the making
PMHI plans to expand its broadcast media business by taking control of Philippine CollectiveMedia Corporation (PCMC), a radio and television operator, founded by House Speaker Ferdinand Martin Romualdez in 2008 after he took over ownership from Golden Peregrine Holdings, Inc. The share-for-share swap, already approved by shareholders and board of directors of PMHI, is awaiting third-party appraisal, aside from other requirements before the sale is finalized.
As of 2022, total assets of Prime Media is PhP45,460,812 (around $799,859). The acquisition of PCMC aims to make its business viable and address its capital deficiency and non-operation, as well as leverage its broadcast franchise.
PCMC is the operator of television channel PRTV and a nationwide network of 25 radio stations under the Favorite Music Radio (FMR) brand. In 2008, House Speaker Ferdinand Martin Romualdez founded PCMC, whose operations were initially limited to Eastern Visayas until Congress expanded its broadcast operations nationwide in December 2020.
Ownership
Prime Media Holdings, Inc. has a complex ownership structure.
RYM Business Management Corporation, the immediate parent company of Prime Media Holdings, Inc. is ultimately owned by Trans Middle East Phils. Equity, Inc. (TMEPEI). A certain Luz D. David owns 99.9975% of TMEPEI. The RYM Business Management Corporation is also involved in the mining business.
RYM Business Management Corporation, Prime and TMEPEI are alleged to be owned by the clan of House Speaker Ferdinand Martin Romualdez, although their names do not appear among shareholders.
The House speaker is the first cousin of incumbent President Ferdinand Marcos Jr.
However, at least one officer in Prime Media and another in Media Serbisyo Production Corp. are fraternity brothers of Romualdez in the University of the Philippines Upsilon Sigma Phi chapter.
In 1986, the Presidential Commision on Good Governance (PCGG) sequestered some 6,299,177 shares of TMEPEI in the Philippine Commercial International Bank (PCI Bank), the predecessor of Banco De Oro Unibank, Inc., on allegations that the wealth of Martin’s father, Benjamin, is ill-gotten.
The Supreme Court later ruled the PCI Bank shares and TMEPEI were not illegally acquired by Benjamin after PCGG failed to prove its claim.
History
Prime Media Holdings, Inc. has been dormant for years after changing its business purpose - it was a development bank since 1963, then was amended to a media holding company in 2002. It was founded by a group of businessmen led by Francisco Ortigas, Jr., who steered the development of the wasteland-turned-business hub Ortigas Center in Metro Manila in the 1960s.
The company’s founding name was Private Development Corporation of the Philippines, which was established with the assistance of the World Bank and International Finance Corporation to promote and finance the development of the private industry in the country. Since then, it has changed its name three times: from PDCP Development Bank, Inc., it was renamed First e-Bank Corporation in 2000, until it settled with its present name.
The year 2021 marked the beginning of the company’s venture into mass media in partnership with New Era Empire Realty Corp. and Philippine CollectiveMedia Corporation (PCMC). However, Prime and New Era Empire Realty Corp. terminated their agreement a year later due to “unfavorable worldwide market conditions” that affected the real estate industry.
Media Serbisyo Production Corp., the company formed under the joint venture with ABS-CBN, broadcasts over DPWM using Baycomms Broadcasting Corporation’s 630 AM frequency, which was previously held by ABS-CBN until it lost its franchise in 2020.
Meanwhile, Prime is still finalizing the acquisition of PCMC and its radio and television broadcast assets. Congress will need to finalize the transaction due to a change in ownership stakes of a mass media entity.
In its original memorandum of agreement with the majority shareholders Michelle F. Ayangco and lawyer Hermogene H. Real of PCMC in July 2021, Prime is supposed to directly acquire PCMC upon the turnover of all the shares of Ayangco and Real in exchange for 70% ownership of Prime.
However, Ayangco and Real, who are both serving as board directors of Prime since October 2021, put up a new company called Golden Peregrine Holdings, Inc. (GPHI) in January 2022. Using their 99.98% total shares in PCMC, they gained majority control of the PCMC by making it a subsidiary of GPHI.
Prime now has to acquire 100% control of GPHI to get PCMC as its indirect subsidiary. Meanwhile, Ayangco and Real are promised PhP1.645 billion (around $28.942 million) worth of shares to gain 70% control of Prime.
Apparently, Ayangco is the corporate secretary of Prime’s ultimate parent company Trans Middle East Phils. Equities Inc. Meanwhile, Real is the president of Mairete Asset Holdings Inc., which owns 11% of Prime.
At present, RYM Business Management Corporation, the immediate parent company of Prime, is the beneficial owner of 51.91% of the company.
Other notable stockholders of Prime include the late businessman and Foreign Affairs secretary Albert Del Rosario holding 0.18% of shares equal to PhP1,289,279.00 (around US$22,684) “ITF” or “in trust for” a certain “Anthony Salim.” It is not clear whether “Anthony Salim” is the same Indonesian business tycoon Antoni Salim..
Del Rosario was a long-time non-executive director of First Pacific, a Hong Kong-based conglomerate chaired by Salim.
Mother Company
Trans Middle East Phils. Equities, Inc.
Business Form
Private
Legal Form
Stock Corporation
Business Sectors
Missing Data
Individual Owner
Armstrong Capital Holdings Corp.
Armstrong Capital Holdings Corp. is the beneficial owner of 100,097,000 shares registered under the PCD Nominee Corporation.
Mairete Asset Holdings, Inc.
Mairete Asset Holdings, Inc. is the beneficial owner of 77,178,901 shares registered under the PCD Nominee Corporation.
Three directors and officers of Prime Media Holdings, Inc. are part of Mairete Asset Holdings, Inc. Lawyer Hermogene H. Real, a board director in Prime, is president and majority shareholder of Mairete, while lawyer Diane Madelyn Ching concurrently serves as corporate secretary of both companies. Meanwhile, Prime treasurer Rolando S. Santos is also a director in Mairete.
Other TV Outlets
PRTV
TeleRadyo Serbisyo (cable television)
Other Radio Outlets
DWPM Radyo 630
Favorite Music Radio (FMR) network
Business
Missing Data
General Information
Founding Year
1963
Affiliated Interests Founder
was a prominent businessman having occupied various positions in different companies and organizations such as chairman of the Ortigas & Company, Limited Partnership from 1936 to 1988, which developed the business hub Ortigas Center. He was the founding chairman of the Private Development Corporation of the Phils., the original name of Prime Media Holdings, Inc.
was president of the Bankers Association of the Philippines.
was the public works secretary from 1986 to 1987 and finance secretary from 1987 to 1989 under the administration of Corazon C. Aquino. He was a prominent figure in the financial industry as the president and chief executive officer of the Private Development Corporation of the Philippines from 1984 to 1986, executive director of the Asian Development Bank from 1990 to 1997, a governor of the Philippine Stock Exchange, and chairperson of the Land Bank of the Philippines. He was also a director of Benpres Holdings Corporation (now called Lopez Holdings Corporation), which is the holding company of the ABS-CBN owner Lopez family. In 2013, the National Citizens’ Movement for Free Election gave him a posthumous award for helping establish the organization in 1983 to ensure honest and fair elections under the Marcos dictatorship.
was the founder and chairman of Delgado Brothers Incorporated and owner of various businesses such as logistics, brokerage and hotels. It is claimed that he served in the Philippine Army and as a guerilla during the second world war. He served as the Philippine ambassador to the Vatican, as well as being designated by the religious order of Malta as ambassador to the Philippines.
was the founder and chairman of Marinduque Mining Industrial Corporation and president of the Mining Association of the Philippines. He was also president of the Order of Malta in the Philippines.
was secretary of finance and chairman of several corporations in the construction industry. He also served as chairman and president of the Private Development Corporation of the Philippines.
Missing Data
Employees
6 (as of Sept. 23, 2022)
Contact
16th Floor BDO Towers Valero (formerly: Citibank Tower), 8741 Paseo de Roxas, Makati City, Metro Manila, Philippines
Telephone No.: (632) 8831-4479
primemediaholdingsinc.com
Tax/ ID Number
000-491-007
Financial Information
Revenue (Financial Data/ Optional)
Missing Data
Operating Profit (in Mill. $)
Missing Data
Advertising (in % of total funding)
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Management
Executive Board
is the president, chief executive officer and chairman of the board of directors of Prime Media Holdings, Inc. He is also the chairman of Media Serbisyo Production, a joint venture between Prime Media and ABS-CBN. As a lawyer, he is a co-founder and managing partner of Ocampo, Manalo, Valdez & Lim Law Firm. He is also affiliated with different companies such as a director and corporate secretary of Kajima Philippines Inc., a subsidiary of the Japan-based multinational construction firm Kajima, and director of Panalpina World Transport (Phils.), Inc.
a lawyer, has been a director and vice president of Prime Media Holdings, Inc. since May 2013. She is a partner in the Ocampo, Manalo, Valdez & Lim Law Firm, which provides legal advice to various companies involved in domestic and international airlines, construction, and car distribution, among others.
a board member since 2017, has been the treasurer of Prime Media Holdings, Inc. since October 2013. He is also a board director of Prime’s joint venture Media Serbisyo Production Corporation, and a senior vice president and treasurer of Prime’s affiliate Bright Kindle Resources & Investments Inc.
He likewise sits as chief operating officer and executive vice president of Marcventures Holdings, Inc., where Prime’s parent company RYM Business Management Corporation owns 10.28% of shares. There are reports alleging that RYM is owned by the family of House Speaker Ferdinand Martin Romualdez, although his name or his wife’s does not appear among its shareholders. Meanwhile, Romualdez’ 23-year-old son Andrew Julian is the youngest board director of Marcventures Holdings, Inc. after being elected in July 2022.
Non-Executive Board
a lawyer, has been a board director of Prime Media Holdings, Inc. since October 2021. She is the treasurer of the Golden Peregrine Holdings, Inc. (GPHI), which she co-owns with Michelle F. Ayangco. She also occupies positions in other companies as the president of Mairete Asset Holdings Inc., which owns 11% of Prime, and is director of Bright Kindle Resources & Investments Inc. She is also the corporate secretary of Benguet Corporation and Benguetcorp. Nickel Mines Inc. She also serves as assistant corporate secretary of Doña Remedios Trinidad Romualdez Medical Foundation Inc., which was founded in 1980 by the late Leyte governor Benjamin Romualdez. Benjamin was the father of House Speaker Ferdinand Martin Romualdez.
the president of GPHI, has been a board director of Prime Media Holdings, Inc. since October 2021. She is the corporate secretary of Prime’s ultimate parent company Trans Middle East Phils. Equities Inc. Other companies where she serves as chairman and president are the Sequioa Business Management Corporation and Nieva Realty and Development Corporation.
Supervisory Board
Missing Data
Other Influential People
is the treasurer of Trans Middle East Phils. Equities Inc. and owns 99.9975% of it. There is no other verified information about David.
is the vice president of Philippine CollectiveMedia Corporation (PCMC) and president of Prime’s ultimate parent company Trans Middle East Phils. Equities Inc.
is the former president of PCMC. He remains listed among stockholders of PCMC with 0.0003% shares. He is the deputy secretary general of House Speaker Ferdinand Martin Romualdez.
is the president of PCMC and corporate secretary and treasurer of RYM Business Management Corporation. She is also a director in Bright Kindle Resources & Investments Inc.
is the risk management officer of Prime Media Holdings, Inc. and its affiliate Bright Kindle Resources & Investments Inc. He is also the treasurer of Marcventures Holdings, Inc.
Further Information
Meta Data
List of founders is based on the incorporators of Private Development Corporation of the Philippines, the original name of Prime Media Holdings, Inc.
Prime only listed six officers in its general information sheet. It has no rank-and-file employees because it already retired its staff due to minimal operations since 2010. However, it will determine the number of new hires in the next 12 months due to the impending acquisition of Golden Peregrine Holdings, Inc. and its subsidiary Philippine CollectiveMedia Corporation.
The majority owners of 95.98% Filipino shares entrusted to the PCD Nominee Corporation in Prime Media Holdings, Inc. is based on its 2023 definitive statement.
Prime Media Holdings, Inc. is still finalizing the acquisition of Golden Peregrine Holdings, Inc., which is the majority owner of Philippine CollectiveMedia Corporation that owns PRTV and the FMR network that consists of 25 radio stations around the country with FMR Makati its main station.
The 2022 annual financial statement of Prime Media Holdings, Inc. did not specify its total revenues, operating profit, and advertising revenues.
Conversion rate on Oct. 17, 2023: PhP56.836 per US$1.
