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Fearing the López might become too powerful after already owning Meralco, Negros Navigation, Manila Chronicle, ABS-CBN, various haciendas in Western Visayas and then the nearby PASUMIL consortium in del Carmen, Pampanga that they purchased from the Americans, the President offered the property to José Cojuangco, nicknamed "Pepe" through Magsaysay protégé and Cojuangco's son-in-law, Benigno Aquino.
In 1955, Manila Chronicle owner Eugenio Lopez, Sr. and Fernando Lopez acquired a radio-TV franchise from Congress and immediately established Chronicle Broadcasting Network (CBN) in 1956.
Eugenio Lopez, Sr., original owner of the Manila Chronicle and founder of Chronicle Broadcasting Network, see DWWX-TV