Prime Media Holdings
{{Short description|Company in the Philippines}}
{{distinguish|Prime Media Group}}
{{More citations needed|date=December 2024}}
{{Use Philippine English|date=August 2023}}
{{Use mdy dates|date=August 2023}}
{{Infobox company
| name = Prime Media Holdings, Inc.
| logo = Prime Media Holdings logo.png
| logo_size = 250px
| type = Public
| traded_as = {{pse|PRIM}}
| industry = Holding company (Investment)
| foundation = {{start date and age|1963|2|6}}
| founder =
| location = 16/F BDO Towers Valero, 8741 Paseo de Roxas, Legaspi Village
| location_city = Makati, Metro Manila
| location_country = Philippines
| area_served = Worldwide
| key_people = Manolito A. Manalo (President and Chairman)
| products = Radio stations
Web portals
Television channels
| services = Broadcasting
Digital media
| owner = {{plainlist|
- RYM Business Management Corporation (54.52%)
- Mairete Asset Holdings Inc. (9.08%)
- Angel Maple Properties Inc. (14.7%)
- Cymac Holdings Corporation (2.94%)
- Public stock (18.76%)
}}
| former_names = {{plainlist|
- Private Development Corporation of the Philippines (1963)
- PDCP Development Bank, Inc. (1963–2000)
- First e-Bank Corporation (2000–2003)
}}
| revenue =
| net_income =
| num_employees =
| subsid = Philippine Collective Media Corporation {{small|(indirect ownership)}}
Media Serbisyo Production Corporation {{small|(51%; co-owned with ABS-CBN Corporation)}}
| homepage = {{url|primemedia.com.ph}}
}}
Prime Media Holdings, Inc. (PMHI, commonly known as Prime Media) is a Philippine investment holding company based in Makati. Originally founded on February 6, 1963 as a development bank, the company has been changed to its current status since 2003. It is majority controlled by RYM Business Management Corporation, a business holding company associated with the Romualdez clan.
History
=Early years=
The company traced its origins on February 6, 1963 as the Private Development Corporation of the Philippines (PDCP), later renamed to PDCP Development Bank, Inc. (PDCP Bank) the same year.{{cite news |last1=de Castro Jr. |first1=Isagani |title=FAST FACTS: Romualdez's Prime Media Holdings Inc. |url=https://www.rappler.com/business/things-to-know-prime-media-holdings-inc/ |access-date=26 June 2023 |work=Rappler |date=26 May 2023}} Metro Pacific Corporation (later renamed Neo Oracle) acquired the company in 1992 and renamed as First e-Bank Corporation (1st e-Bank) in 2000, while the Bank of Commerce bought a stake in 2002.{{cite news |last1=Torres |first1=Ted |title=Bancommerce acquires Metro Pacific's First e-Bank |url=https://www.philstar.com/business/2002/05/09/160178/bancommerce-acquires-metro-pacific146s-first-e-bank |access-date=26 June 2023 |work=Philstar.com}} However, in October of the same year, BDO Unibank acquired the operations of 1st e-Bank including its Smart Money Mastercard debit card issuer (which is a partnership with Smart Communications until 2017).{{Cite news |last1=Mendez |first1=Christina |last2=Diaz |first2=Conrado Jr. |date=October 25, 2002 |title=Banco de Oro Takes Over First e-Bank Operations |language=en-US |work=Philstar Global |url=https://www.philstar.com/business/2002/10/25/181264/banco-de-oro-takes-over-first-e-bank-operations |access-date=February 16, 2022}}
On October 20, 2003, First e-Bank Corporation was renamed as Prime Media Holdings after selling its namesake business to BDO Unibank, leaving the company became dormant as it shifts to a holding investment.
=Under new ownership=
In 2013, RYM Business Management Corporation, owned by the family of politician Martin Romualdez, acquired the majority stake in Prime Media from Neo Oracle.{{cite news |last1=Morales |first1=Neil Jerome |title=Prime Media placed under new mgm't |url=https://www.philstar.com/business/2013/07/09/963131/prime-media-placed-under-new-mgmt |access-date=26 June 2023 |work=Philstar.com |date=9 July 2013}}
In May 2021, Prime Media Holdings signed a share-for-share swap agreement with Philippine Collective Media Corporation (PCMC), also owned by the Romualdez, through a backdoor listing. Under the deal, PCMC shareholders will exchange their shares of common stock to take majority control of PRIM, which will acquire PCMC and will become the latter's subsidiary.{{cite news |date=May 27, 2021 |title=Prime Media, PCMC sign pact for broadcasting entry |website=Manila Standard |url=https://manilastandard.net/news/national/355623/prime-media-pcmc-sign-pact-for-broadcasting-entry.html}}{{cite news |last=Cabuag |first=VG |date=May 26, 2021 |title=Prime Media inks deal with broadcast firm |website=BusinessMirror |url=https://businessmirror.com.ph/2021/05/26/prime-media-inks-deal-with-broadcast-firm/}}{{cite news |date=August 10, 2021 |title=Prime Media bares broadcast plans |website=Manila Bulletin |url=https://mb.com.ph/2021/08/10/prime-media-bares-broadcast-plans/}} However, the memorandum was later revised following PCMC's shareholders created a holding firm Golden Peregrine Holdings (GPHI) which was already acquired PCMC, therefore GPHI became a direct subsidiary of PMHI with PCMC as its indirect subsidiary.{{cite news |author1=Merkado Barkada |title=Prime Media Holdings has its takeover reconfigured |url=https://www.philstar.com/business/stock-commentary/2022/12/06/2228911/prime-media-holdings-has-its-takeover-reconfigured |access-date=23 May 2024 |work=Philstar.com |date=6 December 2022}}
On May 23, 2023, Prime Media announced a joint venture agreement with ABS-CBN Corporation. The new venture company will produce and supply various programs including news content to broadcasters and third-party entities, including PCMC.{{cite news | author=Mendoza, Red |title=ABS-CBN to close Teleradyo, enters partnership with Romualdez media group |url=https://www.manilatimes.net/2023/05/23/news/abs-cbn-to-close-teleradyo-enters-partnership-with-romualdez-media-group/1892739 |access-date=May 23, 2023 | date=May 23, 2023 |website=Manila Times |language=en}} Along with it are plans to operate a radio station on ABS-CBN's former frequency 630 kHz (previously known as DZMM), and managing the Filipino-language cable news channel TeleRadyo (which was originally intended to cease its broadcast on June 30, but was abruptly cancelled and reduced to closing out most of its old concurrent programs instead).{{cite news |title=ABS-CBN's Lopez strikes deal with Prime Media to bring back DZMM on the airwaves|url=https://bilyonaryo.com/2023/05/23/abs-cbns-lopez-strikes-deal-with-prime-medias-romualdez-to-bring-back-dzmm-on-the-airwaves/business/#gsc.tab=0 |access-date=May 23, 2023 | date=May 23, 2023 |website=Bilyonaryo |language=en}}{{cite news |title=Goodbye TeleRadyo, but DZMM 630 to rise from the dead|url=https://www.rappler.com/business/goodbye-teleradyo-dzmm-630-am-radio-to-rise/|website=Rappler|date=May 24, 2023}} On June 26, 2023, 630 kHz conducted a test broadcast under the DWPM callsign.{{cite news|title=Former ABS-CBN radio 630 in AM band back on air as DWPM|url=https://www.rappler.com/business/former-abs-cbn-radio-dzmm-630-back-dwpm|website=Rappler|date=June 26, 2023|access-date=June 27, 2023}}{{cite news|last1=Mendoza|first1=Red|title=ABS-Prime joint venture station holds test broadcasts|url=https://www.manilatimes.net/2023/06/29/news/national/abs-prime-joint-venture-station-holds-test-broadcasts/1898144|website=The Manila Times|date=June 28, 2023|access-date=June 28, 2023}} The station and its TV counterpart had its soft launch on June 30 as Radyo 630 and TeleRadyo Serbisyo respectively and officially launched on July 17.{{cite news|title=The politics of radio: New station DWPM Radyo 630 is born|url=https://www.rappler.com/business/new-radio-station-dpwm-630/|website=Rappler|date=June 30, 2023|access-date=August 1, 2023}}{{cite news|title=Radyo 630 launches whole-day programming|url=https://www.rappler.com/business/dwpm-radyo-630-launches-whole-day-programming|website=Rappler|date=July 17, 2023|access-date=August 1, 2023}} It then reverted back into the iconic DZMM callsign on May 29, 2025, which rebranded back as DZMM Radyo Patrol 630; its TV counterpart, TeleRadyo Serbisyo, also rebranded back as DZMM TeleRadyo on the same day.
References
{{Reflist}}
External links
- {{Official website|https://www.primemedia.com.ph}}
Category:Mass media companies of the Philippines
Category:Mass media companies established in 1963
Category:Philippine companies established in 1963
Category:Companies based in Makati
Category:Holding companies of the Philippines
Category:Holding companies established in 1963