Prime Media Holdings Inc. said its joint-venture with ABS-CBN will mainly focus on content creation and production for paid TV.
Manolito Manalo, Prime Media president, said the partnership’s objective “is to provide accurate and balanced news and information to the country and public service.”
“The content produced by the joint venture will be distributed to radio, cable T and other platforms, including the stations under Philippine Collective Media Company (PCMC). The business model is similar to various local studios and production companies but the content we will produce are not for free TV broadcast,” he said.
Manalo also said PCMC will just be one of the venture’s distribution channels.
“ABS-CBN will not be involved in Prime’s or PCMC’s operations,” Manalo said.
ABS-CBN and Prime Media announced the joint-venture which will be a 51-49 partnership.
The joint venture will have a capitalization of P100 million with paid-up capital at P40 million.
