Now Corp. of the Velarde family said Monday it is acquiring an initial 20-percent stake in Newsnet, an interactive pay television and multimedia services company assigned with the coveted 26-Ghz spectrum as part of its network expansion in Mega Manila.
“The board of directors has just approved the resolution to authorize the management of Now Corp. to begin negotiating with Newsnet for acquisition of equity ownership in Newsnet. And this is very strategic on our part because Newsnet is an affiliate but Now Corp. does not own any equity interest in Newsnet,” said Now Group chairman Mel Velarde.
Velarde said the company planned to acquire an initial 20-percent stake in Newsnet and eventually full ownership. The company expects to complete the transaction this year.
Newsnet has an authority from the National Telecommunications Commission to install, operate and maintain in the 25.35-Ghz to 26.35-Ghz spectrum band Local Multi-Point Distribution System to deliver interactive pay television and multimedia services. Darwin G. Amojelar