In September 1998, NBC was acquired by MediaQuest Holdings, Inc., a broadcasting company owned by the PLDT's Beneficial Trust Fund from the consortium of the Yabut family and then House Speaker Manny Villar. With the new ownership, DWFM's format would be changed in November 1998 to become a smooth jazz station, "Joey @ Rhythms 92.3" (later shortened in August 2005 to "923 Joey"). Radio executive Francis Lumen assumed the position of president and CEO bringing with him his previous 10 years of managing Citylite 88.3 (now Jam 88.3). Joey went on to target the higher echelon crowd - mostly embassy officials and Disc Jocks who were displaced by the departure of Citylite 88.3 in 2003, with a mix of jazz fusion, pop jazz and crossover sound, with a little more of the European jazz flavor. The station also featured new-age music during the Paschal Triduum of the annual Holy Week during that era, which is dubbed as "Take 20".