The group of Ambassador Antonio Cabangon Chua has acquired the shareholdings of the Tieng family in Solar TV Network Inc. (STVN).
STVN bought the 34-percent interest of Solar Entertainment Corp. owned by the Tieng family in Radio Philippines Network Inc. (RPN), Chua’s group said in a statement issued on Friday.
The significant minority interest will allow Chua to expand his media interest, which includes the Business Mirror, tabloid Pilipino Mirror and Aliw Broadcasting Corp., which operates DWIZ 882 AM and 97.9 Natural FM.
“We are looking forward to working closely with the other shareholders of the network, which includes the Benedicto family and the Philippine government,” Chua said.
He was elected Chairman of STVN in July this year. Chua and Benjamin Ramos, President of Business Mirror and STVN, were also elected into the Board of Directors of RPN 9.
The agreement between Chua and the Solar group calls for the ceding of the Solar brand and logo. STVN will also forego the Solar name and the change in its corporate name will take place before the end of 2014.
Earlier this year, Aliw Broadcasting and RPN 9 entered into an agreement where some of DWIZ”s radio programs shall air over the 14 RPN AM stations nationwide. This enabled RPN 9 to obtain credible programming at no additional cost and provide opportunities for selling commercial spots for the DWIZ programs. Aliw was able to expand its audience reach by gaining access to RPN’s provincial stations, making DWIZ”s program more attractive to Manila-based national advertisers.
“I’m really excited about how we can leverage our existing media infrastructure and organization with that of STVN, which is the main content provider of RPN-9,” Chua said in the statement.