InsiderPH sources confirm that Basas has stepped down as president and CEO of Mediaquest, the holding firm that houses the Manuel Pangilinan group’s media assets, including TV5. She has reportedly cleared out her office at the TV5 headquarters in Mandaluyong City. That is usually a sign that the decision was neither drawn out nor provisional.
For now, Mediaquest will be overseen by longtime MVP lieutenant Ricky Vargas, who has been named officer-in-charge. His role is widely seen as transitional, meant to steady the ship while the group decides on a longer-term structure. There is still no official word on a permanent replacement for Basas.
What is circulating internally, however, is that Pangilinan himself may step in to assume certain executive functions at Mediaquest, at least temporarily. The big boss, after all, has a track record of inserting himself directly into business units when strategic direction or execution becomes an issue.
As for what triggered Basas’ abrupt departure, insiders point to the collapse of the deal with ABS-CBN as a key factor, though this has yet to be confirmed. Whether it was the decisive factor or simply part of a broader reassessment remains unclear.
Basas’ own ambitions may also have complicated matters. Sources say she initially wanted to keep dual executive roles at Mediaquest and Smart-PLDT, a setup that now appears unlikely to materialize. The demands of both businesses may have made that arrangement impractical.
The prevailing view within the group is that Basas will now be asked to focus solely on Smart-PLDT, where she continues to hold a senior leadership role.
Still, as insiders are quick to note, plans within the MVP group are rarely fixed. Assignments shift, priorities change, and even seemingly settled decisions can be revisited with little notice.
So that move to Smart-PLDT… it remains to be seen if that’s still on the table.
Senior Reporter
