In 1985, Fred Elizalde was appointed director/chairman of MBC. MBC currently has one AM station and three FM stations in Metro Manila, and 10 Aksyon Radyo, 25 Love Radio, 10 Yes FM, seven Easy Rock, 18 DZRH relay stations, and 151 Radyo Natin stations in the provinces.
Ang lahat ng pahayagan ng mga Elizalde ay ipinasara at tumutok na lamang si Fred sa pamamahala ng mga asukarera ng pamilya.Taong 1985, si Fred ay itinalagang direktor/chairman ng MBC.