MediaQuest Holdings, the parent conglomerate of broadcasting network TV5, is undergoing another leadership transition in less than a year following the temporary step-down of its top executive.
Victorico “Ricky” Vargas temporarily vacated his post as MediaQuest President effective Tuesday, September 1, after serving approximately seven months in the role, according to internal sources.
Vargas cited “medical reasons” for his temporary leave of absence.
In his absence, MediaQuest Chief Financial Officer (CFO) Christopher Lizo will serve as Officer-in-Charge while retaining his current executive duties. Meanwhile, Chaye Revilla, a trusted lieutenant of MediaQuest Chairman Manuel V. Pangilinan, has been tasked with overseeing the company’s entertainment operations.
The recent shift follows a major management shakeup in January, when Pangilinan replaced former MediaQuest President Jane Jimenez-Basas. That administrative change stemmed from a drop in TV5’s audience share after the network briefly dropped ABS-CBN’s top-rating programs in favor of an in-house primetime lineup.
The strategic broadcast partnership between ABS-CBN and TV5 was subsequently restored during Vargas’s tenure.