A move that is described as a milestone in the company’s history.
On Wednesday, November 11, Summit Media announced that it has assumed full control of the Philippine Entertainment Portal (PEP) and Sports Interactive Network (SPIN).
The two digital media brands, which were respectively established in 2007 and 2012, were formerly operated under a joint venture with media giant GMA Network, Inc.’s subsidiary GMA New Media, Inc.
However, by assuming full ownership of both properties, Summit Media said that it gains “greater flexibility to invest in their long-term development, strengthen their market positions, and explore opportunities that extend beyond their traditional publishing businesses.”
Howard Go, president and CEO of Summit Media, said that PEP and SPIN having established their leadership in entertainment and sports.
“Our next chapter is about building on those strengths and expanding the ways audiences experience entertainment,” the officer noted.
This consolidation of ownership comes a few months after Summit Media and PlayTime Entertainment formed a separate joint venture called PT Summit, which is said to be a technology venture that will develop scalable digital platforms, audience engagement capabilities, and new commercial opportunities.
PT Summit recently relaunched the Philippine version of the men’s magazine FHM, which was previously solely published by Summit Media prior to its hiatus in 2018.
