No acceptable offer price yet for GMA-7, says Duavit

MANILA, Philippines – The triumvirate owners of GMA Network Inc. have yet to receive an offer from the group of rival ABC Development Corp or TV5 considered ‘acceptable.’

In a statement to the stock exchange on Monday, April 16, GMA Network President And Chief Operating Officer Gilberto Duavit Jr said, “We have not yet received an offer price that is acceptable to us.”

The camps of GMA-7 and TV5, which is led by businessman Manuel V. Pangilinan, have been hinting of a possible deal but Duavit and network chairman and CEO Felipe Gozon, two of the 3 controlling groups in GMA-7, have said in separate instances that price is a consideration.  

“We are presently not in serious negotiations with the PLDT group as… The Network is not for sale but that is not to say it may not be sold, depending on the offer price,” Duavit said, reiterating his previous message.

“It is not true that 2 of the 3 major shareholder of GMA ‘are already amenable to selling their respective 33% stake’,” he added.

This deal between two to the largest media networks in the country has been circulating since December 2011.

This is the 3rd time the Pangilinan-led group has considered a stake in GMA-7.

In 2011, GMA Network realized a 39% drop in its net profits as the lack of political ads and advertising budget cuts among main revenue sources hit them.

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