Ang completes Inquirer deal

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Metro Manila (CNN Philippines, November 22) — Business tycoon Ramon Ang said Wednesday that his buyout of the Philippine Daily Inquirer was complete.

The deal was long done and the company was just completing its filings with regulators, Ang said, speaking to reporters at the sidelines of Eagle Cement's annual stockholders meeting in Ortigas Center, Pasig City.

Ang did not disclose the value of the deal.

In July, the Inquirer Group of Companies said a conditional agreement had been signed with Ang.

READ: Ramon Ang accepts offer to invest in Inquirer Group

Ang confirmed this in a separate statement: "I have accepted the offer of the Prieto family to invest in the Inquirer Group. I am looking forward to be part of this venerable institution and work with the men and women who made it what it is now."

The Prieto family, owner of the Inquirer Group of Companies, are divesting their majority stake in Inquirer after 25 years at the helm. Talks started in 2014 but they were revived this year after the family completed its annual review of the business.

Inquirer Chair Marixi Prieto said the sale was a "strategic" decision that would "maximize growth opportunities" for the company. "[Ang's] investments and business expertise will unlock added value in the Inquirer Group…" she said.

Ang vowed to respect Inquirer's legacy, saying: "The publication will continue to uphold the highest journalistic standards and make a difference in the society it serves."