Philippine Collective Media Corporation entered into a Memorandum of Understanding to acquire Prime Media Holdings, Inc. from RYM Business Management Corporation, Mairete Asset Holdings Inc. and others in a reverse merger transaction.

Philippine Collective Media Corporation (PCMC) entered into a Memorandum of Understanding to acquire Prime Media Holdings, Inc. (PSE:PRIM) from RYM Business Management Corporation, Mairete Asset Holdings Inc. and others in a reverse merger transaction on May 25, 2021. Philippine Collective Media Corporation signed Memorandum of Agreement to acquire Prime Media Holdings, Inc. from RYM Business Management Corporation and others on July 30, 2021. Under the terms, the parties are considering a share-for-share swap transaction whereby Philippine Collective Media Corporation Shareholders will exchange their respective shares in Philippine Collective Media Corporation for shares of common stock in Prime Media Holdings in order to gain majority ownership and control of Prime Media Holdings. Post completion of transaction and share subscription, RYM Business Management Corporation will hold 19.47% stake, Mairete Asset Holdings Inc. will hold 3.24% stake, Michelle Ayangco will hold 3.28% stake and Hermogene Real will hold 35.28% stake in Prime Media Holdings, Inc. The Philippine Collective Media Corporation Shareholders will also gain control and majority ownership of approximately 70% of the outstanding capital stock of PRIM in turn, Prime Media Holdings shall acquire Philippine Collective Media Corporation, which will become the Prime Media Holdings' wholly-owned subsidiary. The parties will conduct their respective due diligence and thereafter execute such Definitive Agreements to implement the transaction in a period of 30 days. As on July 28, 2021, transaction is approved by the Board of Prime Media Holdings, Inc. The transaction is subject to (a) approval of PRIM shareholders, (b) approval by Congress for change of controlling interest in PCMC as required in Republic Act No. 9773 as amended by Republic Act No. 11508. The shareholders’ meeting of the Company is set on September 22, 2021. PCMC will apply for congress approval for change of controlling interest on or before the end of August and expects to secure the approval on or before the end of the year.