Ang, Gozon confirm talks on sale of GMA stake

MANILA, Philippines - Businessman Ramon S. Ang has confirmed talks with the shareholders of GMA Network Inc. are ongoing for a possible acquisition of a stake in the listed broadcasting company.

“Yes, in talks,” Ang said in a text message.

Felipe Gozon, chairman and chief executive officer of GMA, said in a press conference that the company’s shareholders are in talks with Ang after negotiations with businessman Manuel V. Pangilinan bogged down anew.

“We are talking. I cannot disclose any details because as I said our discussions are covered by a confidentiality agreement,” Gozon told reporters.

Gozon said he is confident that the talks which started early this year would be concluded soon. “I don’t really know why Mr. (Ramon) Ang is very, very interested in buying into GMA,” he added.

Ang has reportedly bought a stake in Solar Entertainment Inc. of businessman Wilson Tieng.

Pangilinan announced last March 4 that talks with GMA collapsed anew after its offer to buy a minority stake in the company owned by the Gozon, Duavit, and Jimenez families expired early last February.

Talks resumed last December after both PLDT and GMA agreed to terminate talks for the acquisition of a controlling stake in the broadcast firm last October or even prior to the December deadline.

The PLDT Group through MediaQuest had expressed interest in acquiring the 79-percent stake covering both preferred and common shares owned by the families of Duavit, Gozon, and Jimenez in GMA with a market value of about P48 billion.

This was the second time the Pangilinan group had tried to acquire the broadcasting company after the deal entered into in the early 2000 was aborted by the buyer for unknown reason.

PLDT’s affiliate MediaQuest Holdings is looking at acquiring GMA’s common shares while PLDT would pick up Philippine Depository Receipts (PDR). PDRs are a form of equity reserved for foreigners as the Constitution prohibits foreigners from having voting shares in media entities.

PLDT is controlled by Hong Kong’s First Pacific Co. Ltd. and Japan’s NTT DoCoMo but MediaQuest is owned by PLDT’s Beneficial Trust Fund.

PLDT’s Mediaquest has acquired a controlling stake in TV5 operated by Associated Broadcasting Corp. as well as interest in Philippine STAR and Business World. It also owns a minority sake in the Philippine Daily Inquirer.

Pangilinan earlier told reporters that the PLDT Group is not keen on reviving talks.

“Well we don’t know. I am getting tired,” Pangilinan said.

The PLDT Group was looking at acquiring a minority 34 percent interest in GMA.

Gozon clarified yesterday that the shareholders of GMA did not ignore the offer made by Pangilinan’s Group. “We did not ignore. He was the one who backed out. He just got tired,” he added.