GMA Network, MediaQuest terminate acquisition talks

 CEBU, Philippines - MediaQuest Holdings Inc. (Mediaquest) and the major shareholders of GMA Network, Inc. (GMA) have announced the termination of recent discussions with respect to a possible acquisition of a controlling interest in GMA by Mediaquest and its affiliate within the PLDT Group. The parties have been unable to arrive at mutually acceptable terms despite the continual discussions and efforts exerted in good faith.

MediaQuest is owned by PLDT’s retirement fund.

GMA Network Chairman and CEO Atty. Felipe L. Gozon said:

“The issues that the parties were not able to resolve had nothing to do with the price. If there is a serious offer in the future, then we are willing to consider.” (FREEMAN)