MANILA, Philippines - GMA Network Inc. is open to selling itself to the right bidder.
GMA chairman and chief executive officer Felipe Gozon said the network is keeping the option of selling the company on the table.
This was in response to statements made by telecommunications magnate Manuel V. Pangilinan, confirming renewed interest in the TV company.
“We are flattered by the expression of continued interest on the part of MVP. However, there has been no price offered that could form the basis of discussion between the parties,” Gozon said.
This is expected to start the negotiation ball rolling and could result to a virtual duopoly in the industry should the Pangilinan-led group, which controls smaller rival TV-5, be successful in acquiring GMA.
Pangilinan admitted Thursday that they continue to cast a moist eye on GMA and that there had been on and off talks since 2002. His group was close to acquiring the network but talks bogged down due to valuation issues.
He said the interest continues even as the group started its own Kapatid network or TV 5. “Should there be an opportunity, we’’ll be interested to take a look at it,” Pangilinan said.
Should a deal be finally sealed, Pangilinan’s group could emerge as a media behemoth and capture the lion’s share of the highly competitive broadcasting industry.
The group owns the country’s largest telecommunications company, Philippine Long Distance Telephone Co., the leading and biggest mobile service provider Smart Communications and the recently acquired Sun Cellular,
Aside from its free TV channels, the Pangilinan group also owns cable firm Cignal Digital TV and has significant presence in both FM and AM frequencies. In print, the Pangilinan camp has stakes in The Philippine STAR, Inquirer and BusinessWorld.
During his visit to the TV5 headquarters in Novaliches last week, Pangilinan reportedly gamely answered queries posed by employees, saying the only way the kapuso network can grab the number one spot is when it acquires GMA-7.
Aside from Gozon, other shareholders of GMA include the families of Duavit and Jimenez.
GMA expects it net profit to rise more than 20 percent this year on the back higher advertising revenues.