Thursday, 29 January 2009

PLDT acquires The Star

The Manila Standard

THE PLDT group led by Manuel Pangilinan has acquired a majority share of the Philippine Star group of publications for an undisclosed amount, sources close to the transaction said yesterday.

As part of the agreement, the Belmonte family will stay on as minority shareholders with a management contract for three years. The deal covers the printing press, the broadsheet and several tabloids, including The Freeman of Cebu.

The Philippine Star is scheduled to hold a board meeting today to discuss the details of the purchase.

The minority shareholders, including the estate of the late Star publisher Maximo Soliven and physician Charles Chante, have agreed to the purchase, according to the same sources.

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