Insiders privy to the matter said PLDT, MediaQuest’s parent firm, wants a deeper review after expenses ballooned while financial returns failed to materialize.
“MediaQuest was all money out,” the insider said, noting there were no accusations of misconduct, just miscalculations and a failure to connect with the audience.
In fact, the shake-up may not be over, and other executives may still be at risk as the cleanup continues.
The problems have been building up for some time, and cannot be pinpointed to a single event.
The decision was supposedly made by the higher-ups during a meeting in Hong Kong before the new year, with Basas being informed a few days later.
Of course, recent factors were the poor showing at the Metro Manila Film Festival and significant ratings impact from the terminated ABS-CBN partnership, forcing TV5 to fill the gap with a high-risk strategy of airing new, originally-produced programs.
Several insiders confirmed that Basas had essentially been put on garden leave. Think of it as time off but still on the payroll.
There was talk of her returning to Smart Communications as its head, but a second insider said that now seems “unlikely.”
We’re told Pangilinan is eyeing one of his trusted group leaders as part of a broader effort to bring the parent telco and its flagship mobile unit closer in terms of strategy and execution.
Perhaps the most shocking aspect for both group insiders and outsiders was Basas’ removal despite being regarded as one of Pangilinan’s favorites. One insider said it would be the group’s loss if she decides to leave altogether.
“She’s got a tough job unlike other units in the group with bigger budgets,” an insider said.“She’s a very hard and loyal worker. If she leaves no doubt someone else will get her immediately”.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
