The chairman of the Inquirer Group of Companies on Monday confirmed that she has resumed discussions with long-standing friend and business partner Ramon S. Ang for the sale of the Prieto family’s interest and majority share in the Inquirer Group.
Marixi Prieto, in a statement, said the sale “culminates a series of talks that began between the two parties in 2014, and restarted early this year after the Prieto family completed its annual review of business plans in the Inquirer Group and other business interests.”
Prieto added that Ang will soon undertake the due diligence review on the Inquirer Group.
The Prieto family’s decision to divest after 25 years, according to the chairman of the Inquirer Group, is a strategic business decision that it believes will maximize growth opportunities for the group.
“The family is confident that Mr. Ang will uphold the Inquirer Group’s commitment to pursuing the highest standards [of]journalism. His investments and business expertise will unlock added value in the Inquirer Group’s newspaper publication, Internet communications, social media, corporate skills training, radio broadcasting and logistics delivery,” Prieto said.
All existing employment contracts of the Inquirer Group will remain in effect, she added.
“Both parties acknowledge that the multi-media organization is where [it]is today because of the caliber of its people, [who are]dedicated to the continuing vision and mission of empowering Filipinos by telling their stories,” Prieto said.