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Prime Media collaborates with RYM and New Era to ‘revitalize’ business

LISTED Prime Media Holdings, Inc. said on Wednesday evening that it had entered a memorandum of understanding (MoU) with RYM Business Management Corp. and New Era Empire Realty Corp. to “revitalize [Prime Holdings] by engaging in business”  in several segments.

This development sets New Era to be the majority stockholder of Prime Holdings.

Prime Holdings said after compliance with certain terms and conditions under the MoU, “New Era shall become the majority shareholder of the corporation through subscription to the unissued portion of the authorized capital stock of the corporation by way of a merger, cash subscription and/or infusion of businesses or assets.”

The MoU will allow Prime Media to dive into the commercial and residential real estate development business and real estate leasing with leisure and hospitality.

The collaboration also seeks to engage in the media and entertainment segments through acquiring an existing media or broadcast franchise.

They may also delve into the gaming industry, by applying for a license from the Philippine Amusement and Gaming Corp. or by entering a partnership with a business licensed by the agency.

Prime Media may also enter an agreement with existing Philippine offshore gaming operators, or POGOs. The MoU also allows for the “provision of allied services” to POGOs.

The parties may also develop or invest in technology providing financial services.

Shares of Prime Media declined by 23.10% on Thursday, finishing at P3.23 apiece from P4.20. — Keren Concepcion G. Valmonte

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