MediaQuest Holdings Inc. expressed optimism about the business prospects of TV5 Network Inc. as the television network managed to cut losses and prepares to launch a new noontime variety show to be headlined by the former hosts of “Eat Bulaga”.
MediaQuest chairman Manuel Pangilinan said TV5’s losses were “declining.” When asked about the possibility of breaking even for TV5, Pangilinan said, “there’s always a miracle.”
Pangilinan earlier predicted that TV5 would break even in 2019 after a series of manpower reduction in 2015 and the abolition of its entertainment shows in 2016.
He said MediaQuest was in talks with ABS-CBN Corp. for the possible transfer of It’s Showtime to another time slot to give way to the new show of Tito and Vic Sotto, Joey de Leon and other hosts of the original “Eat Bulaga” to TV5.
“We are in discussion with ABS -CBN because their block time arrangement with us expires on June 30. So it depends also. I don’t have an idea when TVJ [Tito, Vic and Joey] will be ready with the new format for them,” Pangilinan said.
It’s Showtime is the longest-running daily noontime variety show of ABS-CBN.
“We’re open to their schedule and we’re coordinating with ABS-CBN. I believe that TV5 is committed to TVJ for the noontime slot, so it’s either them or Showtime unless ABS-CBN is willing to move to another time slot which we are prepared to give to them. But it’s up to them, not up to us,” he said.
MediaQuest earlier signed an agreement with the former hosts of “Eat Bulaga” to produce content for TV5 and other platforms.
The announcement came after the Sotto brothers, de Leon and other hosts of the original “Eat Bulaga” resigned from production company TAPE Inc. controlled by the Jalosjos family.
MediaQuest acquired ABC Development Corp. and its blocktimer MPB Primedia Inc. from a joint consortium led by businessman Antonio Cojuangco Jr. and Malaysia-based broadcaster Media Prima Berhad in 2010.
MediaQuest owns and operates national media firm TV5 and Nation Broadcasting Corp. as well as pay TV provider and regional radio network Cignal TV. It also owns majority interest in newspaper companies The Philippine Star and Business World Publishing Corp.