GMA-7 ‘flattered’ by MVP’s interest

MANILA, Philippines – An official of the 2nd largest media network in the country said they are “flattered” by the public admission of businessman Manuel V. Pangilinan’s continuing interest to acquire them.

“We are flattered by the expression of continued interest on the part of MVP,” said GMA Network Inc chairman and CEO Felipe L. Gozon said in a statement on Saturday, March 3. Gozon is a representative of one of the 3 controlling families in GMA Network, the operator of GMA-7.  

Gozon, who has previously said his stake in the network is available for sale “at the right price,” stressed the Pangilinan group has not made a price offer yet.

“There has been no price offered that could form the basis of discussion between the parties,” Gozon said.

Gozon’s statement comes after Pangilinan told reporters on Thursday, March 1, that there are currently “no ongoing talks” between his group and GMA Network owners but admitted that there have been efforts to enter into a negotiation.

When pressed if there have been recent talks, he replied, “very, very preliminary.”

Pangilinan added that they have a “continuing interest” in GMA-7 even after his group acquired ABC Development Corp, the operator of TV5, the third largest media network in the country, in 2009.

Pangilinan’s group had failed talks with GMA-7 in early and mid-2000s.

TV5’s CEO, Ray Espinosa, previously said a “synergy” between GMA-7 and TV5 included lower production costs and more reach.

Below is a video clip of the presscon last March 1:

Reports of a potential business deal with GMA-7 involving Pangilinan have been making the rounds since December 2011, when these recent “preliminary” talks started.

If a deal does push through, a combined GMA-7 and TV5 would rival ABS-CBN Corp, which is currently the largest media group. – Rappler.com