First row from right to left: Rene L. Rosales, chairman, Newsnet; Francis Xavier L. Manglapus, vice chairman, NOW Corp.; Mel V. Velarde, chairman, NOW Group and AIJC; Raul L. Manglapus Jr., vice chairman, NOW Telecom Co. Inc.; Henry Andrews B. Abes, president, NOW Cable; Olivia Celeste Montecillo-Villafuerte, president, AIJC. Second row (back) from left: Kristian Pura, managing director, AIJC; Atty. Angeline Macasaet, corporate secretary, NOW Corp.; Atty. Ferdinand Michael Marcos Manotoc, legal advisor, NOW Group and managing partner of Manotoc Law; Atty Henry Co., legal counsel, NOW Tel and NOW Corp.
The Board of Directors of PSE-listed NOW Corporation authorized the management to initiate negotiations with News and Entertainment Network Corporation (NEWSNET) to acquire equity ownership in NEWSNET, an interactive pay television, and multimedia services company assigned with the coveted 26Ghz spectrum. NEWSNET has authority from the National Telecommunications Commission to install, operate and maintain in the 25.35GHz to 26.35 GHz spectrum band Local Multi-Point Distribution System (LMDS) to deliver interactive pay television and multimedia services in Metro Manila, and parts of South Luzon, North Luzon, Visayas, and Mindanao. A recent Court of Appeals decision resolved the rights of NEWSNET over the said 5G frequencies and upheld NEWSNET’s authority to operate Interactive Pay TV and Multimedia Services.