The Elizalde-led Manila Broadcasting Co. (MBC) has acquired FM radio station DWRK, also known as 96.3 WRock, for P230 million.
In a statement to the stock exchange, listed MBC said it signed last Friday a memorandum of agreement with ACWS-United Broadcasting Network, Inc. and Exodus Broadcasting Co., owners of DWRK, for the sale.
The acquisition will be funded by a combination of internally generated cash and loans secured from various banks.
MBC said 25 percent of the acquisition price is held in escrow for release upon full compliance with the documentary requirements to transfer ownership of the station.
"Armed with the same business foresight that has seen it through seven decades as a media conglomerate to reckon with, MBC's acquisition of DWRK is viewed as an even bigger boost to its over-all audience share, with aggregate advertising revenues set to propel to even higher levels," said MBC.
Already the home of the two highest rating stations on the FM band - 90.7 Love Radio and 101.1 Yes FM - MBC now sets out to carve niche among youthful A-B listeners who are into light rock music. DWRK was named Best FM station in the 2000 Golden Dove Awards.
MBC is also home to the country's oldest radio station DZRH, which now leads the network's foray into a converged broadcasting medium with RHTV.
The company ended the first half with P338.5 million in revenues while net income amounted to P7.2 million.
This year, MBC has earmarked P50 million for capital expenditure to improve existing regular stations nationwide and upgrade Radyo Natin to at least 500 watt-power stations.