Prime Media prepares for entry of new investors

Prime Media Holdings Inc. (formerly First e-Bank Corp.) is cleaning up its balance sheet in preparation for the entry of new investors into the company.

In a disclosure to the Philippine Stock Exchange, Prime Media said the plan would entail these investors to inject their assets into the company in exchange for Prime Media shares.

Prime Media said the assets to be infused into the company may be in the form of equity holdings in media-related industry or participation in a project in the same or allied industry.

The company intends to own strategic interests in the broadcasting and advertising sectors, initially through Nation Broadcasting Corp. (NBC), currently majority-owned by PLDT unit MediaQuest Inc.

Its management is also engaged in active discussions to acquire an ownership stake in Image One, the outdoor advertising company majority owned by the Jimenez family. The transfer of these assets into Prime Media would be effected against the issuance of new shares to MediaQuest and the Jimenez family.

The possible entry of MediaQuest Inc. and the Jimenez family of Image One, leaders in the broadcast and advertising industries, as partners to Metro Pacific is expected to further enhance the future value of Prime Media.