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Prime Media venturing into TV business; seeking media partner

Listed Prime Media Holdings, Inc. announced on Friday its plan to enter the television business by offering locally produced entertainment content.

“After entering [into] a memorandum of understanding with New Era Empire Realty Corp. in March 2021, for leisure and hospitality development, [Prime Media] is now looking for a media group that can broadcast local shows and international sports events on television, internet and other streaming platforms,” the company said in an e-mailed statement.

Manolito A. Manalo, Prime Media chairman and president, said the company intends to produce local shows and host international sports events.

“We are open to working with content providers, especially those with interesting show concepts for television, internet and other platforms,” he added. The company is looking for a media company that has an active “national broadcast franchise” to air locally-produced content.

On March 17, Prime Media told the stock exchange that it entered into a memorandum of understanding with the New Era.

The objective of the agreement is to “revitalize” the company by engaging in businesses related to commercial and residential real estate development and real estate leasing with leisure and hospitality; media and entertainment, by acquisition of an existing media/broadcast franchise; gaming, by applying for a license from the Philippine Amusement and Gaming Corp. or securing partnerships with an existing licensee; provision of allied services to Philippine offshore gaming operators, by entering into an agreement with an existing operator; and development of or investment in technology providing financial services.

“People are staying home nowadays, they have all the time to watch new shows and so there is so much opportunity for new content for television and other platforms,” Mr. Manalo noted.

Prime Media Holdings shares closed 2.69% lower at P2.89 apiece on Friday. — Arjay L. Balinbin

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