MPSC, a 51-49 percent venture between Prime Media and ABS-CBN, airs its shows in DWPM 630 (AM radio) and in cable channels under the brand Teleradyo Serbisyo—the successor of ABS-CBN Teleradyo, which faced financial troubles after ABS-CBN lost its broadcast franchise in 2020.
Teleradyo Serbisyo, which continues to navigate a challenging advertising environment, booked losses of P50.9 million last year, prompting its shareholders to consider options to raise fresh funding, based on a recent regulatory filing that was reviewed by InsiderPH.
Shareholders in talks to raise capital
“The [joint venture agreement] has a provision that the joint venture should determine from time to time required additional financing and the venturers, if so required, will provide additional financing,” Prime Media said in the filing.
“There are already discussions by management and the [board of directors] of the joint venture of the intention to have a capital call to address the financing requirements,” it added.
Media industry challenges
Under the agreement, ABS-CBN serves as content provider to MPSC, which was officially established on July 5, 2023.
Prime Media, controlled by House Speaker Martin Romualdez’s RYM Business Management Corp., recognized its shares of losses at P25.9 million last year.
TeleRadyo Serbisyo, hosted by seasoned broadcasters, including Noli de Castro, Bernadette Sembrano, Tony Velasquez, and Tina Monzon-Palma, airs on Sky Cable channel 26, Vision Box channel 18, GSat channel 39, Cablelink, Sinag Cable channel 7, among others.
It also has a strong online presence with about 1.1 million followers on YouTube.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
