MANILA, Philippines - The new owners of TV5 are pouring P7 billion this year to beef up the network's menu of shows, distribution reach, and locate to new studios. The relaunch of TV5 is set for March 2010.
MediaQuest Holdings Inc, which bought 100% stake in the third biggest private television network last year, is planning to spend P5 billion for expansion plans and P2 billion for programming.
"The capex is for broadcast transmission, network and operations, inclusive of new studios and offices," MediaQuest head Ray Espinosa told reporters on Tuesday.
"We will be expanding...by rolling out in all areas where the two networks are present" Espinosa said, adding that the goal is to have the same reach and strength as leading broadcasting networks, ABS-CBN Broadcasting Corp and GMA Network, Inc.
TV5 will be moving its headquarters to a studio in Mandaluyong, which is closer and more accessible to TV guests and employees. However, its transmitters will remain at the current site in Novaliches.
The network is also venturing into movies. Espinosa said 5 films are already lined up for release this year.
Last year, MediaQuest, the media holding company of the retirement arm of the country's most valuable firm, Philippine Long Distance Telephone Inc (PLDT), acquired the 75% stake of businessman Antonio "TonyBoy" Cojuangco in TV5. Eventually, Mediaquest also acquired the remaining stakes of other minority shareholders. MediaQuest also acquired Primedia Inc, a block airtimer in TV5.
Both acquisitions cost MediaQuest less than P5 billion.
MediaQuest's strategy is to develop media, content and production resources to complement its other media assets and platforms such as Cignal, a direct-to-home satellite service launched in July this year.
Espinosa said MediaQuest will continue to invest in TV5 since it aims to become the leading broadcasting network in the country in the next 3 years.
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