Rappler Holdings Corporation
Rappler, Inc., owner of the sixth leading news website rappler.com as of the second quarter of 2023, has Rappler Holdings Corporation as its parent company.
The start-up company founded in 2011, operates the news website. Rappler. Inc., classified itself under the “information service activities” industry, not media, but is primarily involved in online media. The company’s primary purpose is “to design, develop, establish, market, sell, maintain, support, distribute, customize, sell, resell, and/or operate news, information, and social network services.”
As of December 2022, the total assets of Rappler Holdings Corporation amounting to PhP5,049,033 (around US$88,835). It reported recurring losses amounting to PhP196,770 as of 2022, which resulted in an accumulated PhP15,326,330 (around US$269,658) deficit and PhP13,927,402 (around US$245,045) capital deficiency. It attributed the deficit to accrued expenses related to legal cases and ordinary operating costs during the startup years.
The total amount of its shares in the subsidiary Rappler, Inc. is PhP119,434,438 (around US$2,101,387).
As of the second quarter of 2023, rappler.com holds an audience share of 8.44% based on Nielsen’s consumer and media view survey.
In 2014, founders led by Rappler, Inc. CEO Maria Ressa established Rappler Holdings Corporation as a financial vehicle to bring in international investors for Rappler and to prepare it for international expansion. To get foreign investments, the holding company intended to use Philippine Depositary Receipts (PDRs).
However, the Securities and Exchange Commission revoked in January 2018 the licenses of Rappler Holdings and its subsidiary Rappler, Inc. for violating the constitutional prohibition on foreign ownership restrictions in mass media. A petition by Rappler is still pending before the Court of Appeals against the enforcement of the SEC decision, vowing to bring the matter up to the Supreme Court.
The regulatory body, which affirmed its decision in June 2022, claims that Rappler granted control on corporate matters to Omidyar Network, a U.S.-based philanthropic investment firm, through the issuance of PDRs amounting to US$1.5 million (around PhP59.66 million). The subsequent donation by Omidyar of the PDRs to 14 Rappler managers apparently “did not, and will not cure” the violation, the commission said.
The SEC added that the execution of the waiver of Omidyar not to enforce control over Rappler in December 2017, which was one month before the release of the decision in 2018, is an admission of it having control over Rappler.
In opposition to SEC’s decision, Rappler has argued that the PDRs only entitled Omidyar Network to earnings, but no control over the company’ operations. The media outlet cited as an example other companies such as GMA, ABS-CBN and PLDT that issue PDRs.
It also called the SEC decision an “anti-innovation”, citing its unique business model as a media that purely publishes content online. On the other hand, the SEC argued that Rappler, Inc. could have just issued stocks to Omidyar if it believes the company is not a mass media entity instead of having Rappler Holdings Corporation issue PDRs.
Meanwhile, all of the five tax evasion charges against Ressa and Rappler Holdings Corporation in relation to the alleged taxable income generated from the issuance of PDRs from Omidyar and North Base Media were dismissed by Sept. 12, 2023.
Business Form
Private
Legal Form
Stock Corporation
Business Sectors
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Individual Owner
Benjamin Y. So
Benjamin Y. So is an “angel investor”, a person who provides funding for startup or young companies, of Rappler Holdings Corporation. The DMT Ice Angels Holdings Inc. that he set up was one of the first five groups that funded Rappler, Inc.
Other Online Outlets
rappler.com
Media Business
Communications
Advertising
Corporate social responsibility
Events
Business
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General Information
Founding Year
2014
Affiliated Interests Founder
is the chief executive officer of Rappler, Inc. and the president of its parent company, Rappler Holdings Corporation.
is both the chairperson and vice chairperson of Rappler Holdings Corporation and its subsidiary Rappler, Inc. She served as chief operating officer of the ABS-CBN News Channel (ANC), a 24/7 Philippine cable news channel, from 2008 to January 2011. Other media outlets she previously worked for include the Philippine Daily Inquirer, The Manila Times and the Philippine Center for Investigative Journalism.
is chairman of the holding company Hatchd Group, one of Rappler Holdings Corporation shareholders. He is also the co-founder and managing director of Endeavor Philippines; board director in Sky Cable, Hybrid Social Solutions, Inc., and Energy Development Corporation; and board trustee of University of Asia and the Pacific.
Employees
7 (as of July 27, 2023)
Contact
Unit B, 3/F, North Wing, Estancia Offices, Capitol Commons, Brgy. Oranbo, Pasig City
Telephone No.: (02) 8570-4231
Tax/ ID Number
008-923-940-000
Financial Information
Revenue (Financial Data/ Optional)
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Operating Profit (in Mill. $)
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Advertising (in % of total funding)
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Management
Executive Board
is the chief executive officer of Rappler, Inc and the president of its parent company Rappler Holdings Corporation.
is the chairperson of both Rappler, Inc. and Rappler Holdings Corporation.
is the treasurer of Rappler Holdings Corporation. He has extensive experience in investments and capital markets being affiliated with various companies such as president of the holding company MRC Allied, treasurer of Automobile Association of the Philippines, adviser of World Surgical Foundation Philippines (WSFP), Inc., and independent director of AIB Money Market Mutual Fund Inc.
, a lawyer, is the corporate secretary of Rappler Holdings Corporation and Rappler, Inc. He is a partner in MOSVELDTT Law Offices with an expertise in corporate and commercial law. His fellow partner in the law firm Ephyro Luis B. Amatong, who joined after ending his nearly eight-year stint as commissioner of the Securities and Exchange Commission (SEC) in March 2022, was part of the SEC En Banc that revoked the corporate registrations of Rappler Holdings and Rappler, Inc. in 2018.
a lawyer, is the assistant corporate secretary of Rappler Holdings Corporation and Rappler, Inc. He is a fellow partner of Coloma in MOSVELDTT Law Offices.
Non-Executive Board
is a board member and incorporator of Rappler Holdings Corporation.
is a board member of Rappler Holdings Corporation and Rappler, Inc. She is an economist, a media personality and columnist. She was secretary of socio-economic planning and director-general of the National Economic and Development Authority from 1986 to 1989.
Supervisory Board
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Further Information
Meta Data
The list of founders is based on the general information sheet of Rappler Holdings Corporation.
Rappler Holdings Corporation did not specify its total revenues, operating profit and advertising revenue in the 2023 annual financial statement. It, however, stated that it earned PhP1,399 (around US$24.61) from bank interests.
Conversion rate on Oct. 17, 2023: PhP56.836 per US$1.
