RSA deal over after Inquirer incurs P215M loss
The Prietos have reportedly returned the P1 billion downpayment to its owner.
Philippine Star Columnist Victor Agustin said bilyonaryo Ramon Ang’s acquisition of the Philippine Daily Inquirer is officially botched after the Prieto family returned his initial payment.
This comes after the Inquirer ended 2017 in the red, bleeding with a P215-million net loss. In contrast, its top competitors ended the year in profit, with The Star netting P95 million and the Manila Bulletin with P49.8 million in the bag.
Agustin also said that the Inquirer is barely getting by with just P500 million in paid-up capital, a far cry from the amounts held by other broadsheets.
“One does not need a PhD in rocket science to project where the road is heading if Inquirer suffers another financial loss of similar magnitude this year and next,” Agustin said in his Aug. 6 Money-Go-Round column.
His recommendation: “The Inquirer broadsheet should just shut down and distribute whatever remaining capital to its shareholders while there is still left.”
Unsolicited advice aside, the newspaper needs some serious financial housekeeping to do this year especially with their white knight out of the picture.