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PhilStar group formalizes BusinessWorld acquisition

Posted on July 10, 2015

PHILIPPINE Star Printing Company, Inc. (PhilStar) has acquired 76.63% of BusinessWorld Publishing Corp. from Hastings Holdings, Inc. in a move meant to “strengthen the distribution and operations” of the country’s premier business daily, PhilStar announced in a statement yesterday.

BusinessWorld remains the preeminent and most reputable business newspaper in the country. We believe that the synergies we can harness between PhilStar and BusinessWorld will greatly enhance the operations and financial results of both companies,” the statement quoted PhilStar President Miguel G. Belmonte, concurrently chief executive officer of BusinessWorld, as saying.

Ray C. Espinosa, chairman of BusinessWorld and Philippine Star Group, said in the same statement: “This fulfills our strategy of making the Philippine Star Group a complete news and information organization with leading positions in general news, tabloid news, online news and now, business news.”

“This wealth of sources will allow the Philippine Star Group to provide more comprehensive news and information across all delivery platforms,” he said.