Chavit Singson eyes IBC network

Philippine Daily Inquirer / 12:32 AM December 26, 2016

Businessman-politician Luis “Chavit” Singson is planning to buy the International Broadcasting Corp. (IBC) TV network from the government, which has been considering privatizing the station.

Singson, president of the LCS Group of Companies, sent a letter to the Presidential Communications Operations Office dated Dec. 19 signifying his intent to purchase the network.

“The LCS Group submits herewith its formal intention to purchase International Broadcasting Corp. from the Philippine government, following the latter’s publicly stated plan to privatize the said company,” Singson said in his letter.

But he said his company would first conduct due diligence procedures, including a review of its financial statement, its asset register and its schedule of arrears.

He asked Malacañang to allow LCS Group to conduct the due diligence procedures for 45 days.

The LCS Group had appointed its consultant, Millawave Systems, to carry out the task.

After the due diligence procedures had been completed, the group would need 15 days to prepare a final offer to the government for the IBC purchase.

Singson confirmed his plan to purchase the network in a phone interview with the Inquirer on Friday.

He said that if he acquires IBC-13, he plans to buy new equipment to modernize it. It would also offer a variety of news and entertainment shows, he said.

Singson, with boxing champ and now Sen. Manny Pacquiao, earlier tried to buy into the GMA network, but the deal fell through.

Privatization

Presidential Communications Secretary Martin Andanar earlier said the government wants to privatize IBC-13, which had been sequestered by the state after the ouster of the dictator, Ferdinand Marcos.

The network is facing labor problems and owes back wages to employees.

The Aquino administration had also tried to sell IBC-13, but no deal was finalized during its term.

The Governance Commission for Government Owned and Controlled Corporations earlier recommended the privatization of IBC-13 because its functions duplicate or overlap with that of government-owned PTV 4 network.

Source:
https://business.inquirer.net/222034/chavit-singson-eyes-ibc-network

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