MANILA, Philippines – Solar TV will soon change its name and logo following the acquisition of BusinessMirror owner Antonio Cabangon-Chua of a 34-percent stake in RPN-9, held by Solar TV's Willy Tieng.
RPN's news is currently provided by Solar News, which is changing its name to 9-News, and which some industry watchers believe is now owned by Ramon Ang.
Ang, who is in the process of buying a stake in GMA Network, hasn't confirmed that.
The change in Solar TV’s corporate entity will take place before the end of the year.
The RPN-9 network, meanwhile, will be rebranded as the Aliw channel and will focus on business and the economy.
Cabangon-Chua, who is making the acquisition in his personal capacity, will become the chairman of RPN-9.
“We are looking forward to working closely with the other shareholders of the network which includes the Benedicto family and the Philippine Government,” he said in a statement.
Cabangon-Chua and Benjamin Ramos, president of BusinessMirror and Solar TV Network, were also elected into the Board of Directors of RPN-9.
“I’m really excited about how we can leverage our existing media infrastructure and organization with that of STVN, which is the main content provider of RPN-9,” Cabangon-Chua said.
Cabangon-Chua is expected to takeover RPN-9 by September.
Aside from BusinessMirror, Cabangon-Chua also owns tabloid Pilipino Mirror and the radio network Aliw Broadcasting.
According to an Inquirer report, Tieng is selling assets to fund his takeover of the Thunderbird Resorts Group.
But Ramos believes Tieng sold his stake in RPN-9 to focus on Solar Entertainment. -- With ANC