The Philippine Daily Inquirer announces that after two decades of productive partnership with the (Ben) Pangilinan and Garcia families, they have decided to sell their equity in the company.

As a result, Associated Broadcasting Company (ABC), which owns TV5 and other stations, has bought a 10% stake in the Inquirer.

ABC?s purchase of the shares was finalized on Wednesday.

The Inquirer thanks the Pangilinan and Garcia families for helping steady the company?s course through the years toward the fulfillment of its mission and vision.

The newspaper welcomes the entry of ABC, now under the management of Manuel V. Pangilinan.

While ABC will have no direct involvement in the operations of the news organization, the Inquirer is confident that its new partners will be equally steadfast stewards of its editorial independence and proven business model.