In 2011, IBC has entered into a joint venture agreement with Prime Realty, an affiliate of R-II Builders Group of Reghis Romero Jr. The agreement called for the development of 3.5 hectares of Broadcast City. With this joint venture agreement with a private business enterprise, the Aquino administration expressed its desire to privatize both RPN and IBC and retain the People's Television (PTV) as a sole-mandated government TV network. It was also announced that conglomerate San Miguel Corporation will join the government-sponsored bidding for the privatization of RPN and IBC.