Prime Media Holdings, Inc. (PMHI, commonly known as Prime Media) is a Philippine investment holding company based in Makati. Originally founded on February 6, 1963 as a development bank, the company has been changed to its current status since 2003. It is majority controlled by RYM Business Management Corporation, a business holding company associated with the Romualdez clan.
History
Early years
The company traced was founed on February 6, 1963 as the Private Development Corporation of the Philippines (PDCP).[1] It was a development financial institution incorporated in 1963 with the assistance of the World Bank, USAID, and the Philippine government.
For over 30 years, it operated as an investment house and established itself in private sector term lending, private finance, corporate finance, training and consulting, and fund management. Metro Pacific Corporation (later renamed Neo Oracle) acquired the company in 1992 and renamed it as PDCP Bank, then as First e-Bank Corporation (1st e-Bank) eight years later in 2000. The then Cojuangco-led Bank of Commerce bought a stake in 2002.[2] However, in October of the same year, BDO Unibank acquired the operations of 1st e-Bank including its Smart Money Mastercard debit card issuer (which is a partnership with Smart Communications until 2017).[3]
On October 20, 2003, First e-Bank Corporation was renamed as Prime Media Holdings, Inc. after selling its namesake business assets & operations to BDO Unibank, leaving the company to became dormant holding investment.
Under new ownership
In 2013, RYM Business Management Corporation, acquired the majority stake in Prime Media from Neo Oracle.[4]
In May 2021, Prime Media Holdings signed a share-for-share swap agreement with Philippine Collective Media Corporation (PCMC, through a backdoor listing. Under the deal, PCMC shareholders will exchange their shares of common stock to take majority control of PRIM, which will acquire PCMC and will become the latter's subsidiary.[5][6][7] However, the memorandum was later revised following PCMC's shareholders created a holding firm Golden Peregrine Holdings (GPHI) which was already acquired PCMC, therefore GPHI became a direct subsidiary of PMHI with PCMC as its indirect subsidiary.[8]
On May 23, 2023, Prime Media announced a joint venture agreement with ABS-CBN Corporation. The new venture company will produce and supply various programs including news content to broadcasters and third-party entities, including PCMC.[9] Along with it are plans to operate a radio station on ABS-CBN's former frequency 630 kHz (previously known as DZMM), and managing the Filipino-language cable news channel TeleRadyo (which was originally intended to cease its broadcast on June 30, but was abruptly cancelled and reduced to closing out most of its old concurrent programs instead).[10][11] On June 26, 2023, 630 kHz conducted a test broadcast under the DWPM callsign.[12][13] The station and its TV counterpart had its soft launch on June 30 as Radyo 630 and TeleRadyo Serbisyo respectively and officially launched on July 17.[14][15] It then reverted back into the iconic DZMM callsign on May 29, 2025, which rebranded back as DZMM Radyo Patrol 630; its TV counterpart, TeleRadyo Serbisyo, also rebranded back as DZMM TeleRadyo on the same day.
External links
References
- Isagani de Castro Jr.. FAST FACTS: Romualdez's Prime Media Holdings Inc. Rappler, 26 May 2023, retrieved 26 June 2023^
- Ted Torres. Bancommerce acquires Metro Pacific's First e-Bank Philstar.com, retrieved 26 June 2023^
- Christina Mendez, Conrado Jr. Diaz. Banco de Oro Takes Over First e-Bank Operations Philstar Global, October 25, 2002, retrieved February 16, 2022^
- Neil Jerome Morales. Prime Media placed under new mgm't Philstar.com, 9 July 2013, retrieved 26 June 2023^
- Prime Media, PCMC sign pact for broadcasting entry Manila Standard, May 27, 2021^
- VG Cabuag. Prime Media inks deal with broadcast firm BusinessMirror, May 26, 2021^
- Prime Media bares broadcast plans Manila Bulletin, August 10, 2021^
- Prime Media Holdings has its takeover reconfigured Philstar.com, 6 December 2022, retrieved 23 May 2024^
- Mendoza, Red. ABS-CBN to close Teleradyo, enters partnership with Romualdez media group Manila Times, May 23, 2023, retrieved May 23, 2023^
- ABS-CBN's Lopez strikes deal with Prime Media to bring back DZMM on the airwaves Bilyonaryo, May 23, 2023, retrieved May 23, 2023^
- Goodbye TeleRadyo, but DZMM 630 to rise from the dead Rappler, May 24, 2023^
- Former ABS-CBN radio 630 in AM band back on air as DWPM Rappler, June 26, 2023, retrieved June 27, 2023^
- Red Mendoza. ABS-Prime joint venture station holds test broadcasts The Manila Times, June 28, 2023, retrieved June 28, 2023^
- The politics of radio: New station DWPM Radyo 630 is born Rappler, June 30, 2023, retrieved August 1, 2023^
- Radyo 630 launches whole-day programming Rappler, July 17, 2023, retrieved August 1, 2023^