PRIME MEDIA HOLDINGS, Inc. is looking at expanding into other platforms via Media Serbisyo Production Corp. (MSPC), the joint venture company it forged with ABS-CBN Corp.
“MSPC President Marah Capuyan anticipates a forthcoming milestone, including a shift to 24/7 operations and extending their reach to platforms such as YouTube and other social media networks,” Prime Media told the stock exchange on Thursday.
TeleRadyo Serbisyo and DWPM Radyo 630 highlight the joint venture’s offering. The listed company said the two “will continue to redefine public service broadcasting with an unwavering commitment to the entire Philippines and Filipinos worldwide.”
The public service programs started operations in June this year.
“Since the launch on June 30th and in just a period of 90 days, they have undertaken an impressive journey, operating seven days a week, setting a new standard in Philippine broadcasting,” Prime Media said.
For now, Teleradyo Serbisyo is available on cable TV, Prime Media said, adding that it is optimistic about the company’s operations.
“Importantly, TeleRadyo Serbisyo and DWPM Radyo 630 News Exchange partnership with nearly 30 regional radio stations nationwide revolutionizes news connectivity from Luzon to Mindanao and supported by cable subscriptions and various partnerships, have gained the trust of both public and corporate sectors, paving the way for future growth,” Prime Media said.
Earlier, ABS-CBN formally ceased the operations of TeleRadyo on June 30, citing that the news channel has been incurring losses since 2020.
Shortly after the announcement, the listed media company announced that it was forging a joint venture agreement with Prime Media, which will become the majority stakeholder of the new entity.
The new company, ABS-CBN said, will produce various programs which will be supplied by third-party platforms and broadcasters.At the local bourse on Thursday, shares in Prime Media and ABS-CBN closed unchanged, respectively at P2.82 P4 each. — A.E.O. Jose