Prime Media Holdings Inc. (PMHI) has signed a Memorandum of Understanding (MOU) with Philippine Collective Media Corporation (PCMC).
The MOU marks Prime Media’s entry into the broadcasting sector.
The memorandum states that “PCMC Shareholders will exchange their shares for shares of common stock in PMHI to gain majority ownership and control of PMHI. In turn, PMHI shall acquire PCMC, which will become the Corporation’s wholly-owned subsidiary.”
PMHI, trading under PSE ticker symbol “PRIM” is a holding company which intends to embark in the business of media and broadcasting. It further intends to venture into real estate development, leisure and hospitality, and gaming to expand and diversify its business.
PCMC has been operating since 2009 and was recently granted a national franchise. It currently operates a television station (PRTV) in Tacloban and 13 radio stations under the FMR (Favorite Music Radio) network.
To date, PCMC has radio stations in Tacloban, Catbalogan, Calbayog, Catarman, Borongan, Ormoc, Iloilo, Camiguin, Zamboanga Sibugay, Butuan, Davao de Oro, Tagum and Iligan. More stations are expected to start operations in the coming months.