Corporate News

TV5 to complete new HQ next year

Posted on September 07, 2015

TV5 Network, Inc. is set to complete next year its media center in Mandaluyong City, a company official said, while reiterating an earlier outlook that the broadcast firm will be profitable by 2017.

Emmanuel C. Lorenzana, president of TV5 Network, told reporters last week the first batch of tenants will move in to the TV5 Media Center in February before the new headquarters are fully complete by September.

“Since the base, the foundation is already completed, [it is] 20%-25% [complete],” Mr. Lorenzana said.

TV5 broke ground on the facility in 2011 and earlier set a 2013 target for completion.

Asked to explain the delay, Mr. Lorenzana said: “We’re managing the cash flow. We’re in a better position [now] that’s why we’re able to provide funding.”

With this, the TV5 executive kept an earlier projection that the company would turn a profit by 2017.

The media center will have 63,000 square meters of office and studio space to consolidate operations in Novaliches, Quezon City, Taguig and Makati.

Apart from TV5, the nine-story building will also house the headquarters of Cignal Digital Television, Inc., Voyager, Innovations, Inc. and Philex Mining Corp. -- other companies ran by businessman Manuel V. Pangilinan, Mr. Lorenzana said.

The Philippine Long Distance Telephone Co. group, through unit Media Quest Holdings, Inc. (MediaQuest), acquired ABC Development Corp. in 2009.

The broadcaster changed its name to TV5 Network, Inc. on Feb. 28 last year, based on a regulatory filing.

Hastings Holdings, Inc. -- a unit of MediaQuest -- maintains interest in BusinessWorld through the Philippine Star Group, which it controls. -- Krista Angela M. Montealegre