MANILA, Philippines (The Adobo Chronicles, Manila Bureau) – MANILA – A major shakeup of Philippine media is in the offing, as business tycoon Ramon Ang announced that he will buy The Philippine Daily Inquirer from the Prieto family and Rappler from Maria Ressa.
The two media companies have been accused of being the mouthpiece of the anti-Duterte faction and it wasn’t clear whether the purchase will lead to a further dissipation of the Yellowtards (pro-Aquino and pro-Liberal Party fanatics.)
Both Inquirer and Rappler have been in serious trouble, with the mainstream daily newspaper owing billions in unpaid rent and taxes to the government and the online news outlet accused of violating the Philippine Constitution over foreign ownership/investment.
The stock value and popularity of the two companies have more than significantly declined that their impending sale to Ang would only cost the billionaire One peso a piece.
Sources close to the Inquirer and Rappler told The Adobo Chronicles that the sale is a very prudent move to avoid further compounding of their legal, financial and tax liabilities to the Philippine government.