San Miguel 'seriously considering' entry into media
MANILA, Philippines (UPDATED) - The country's biggest business group, San Miguel Corp, may buy into a broadcast media firm -- or firms -- soon.
At the annual meeting of the company's stockholders on Thursday, June 14, San Miguel president Ramon Ang said they are eyeing to acquire stakes in media firms without providing specifics.
"We are seriously considering [a foray into media]," Ang replied when someone in the audience asked if the group has plans to add media in their current business portfolio.
"There are some options being offered to us and we are evaluating that..I cannot tell you anything about that (deals). It is always important to keep the deals secret until it is really done.
Previously, Ang boasted to reporters that his relationship with the family members that own and control GMA Network Inc. is closer than that between the broadcast firms' families and businessman Manuel V. Pangilinan.
Pangilinan, currently the chairman of TV5, has confirmed that he has renewed his interest to acquire a controlling stake in GMA Network, which operates GMA-7. These are the country's third and second largest media groups.
On Thursday, Ang reiterated that they are also interested in state-owned RPN-9 and IBC-13, which the government said will be up for privatization soon.
"We will joint the bidding of the government deals," Ang replied when asked about the two state-owned media groups. - Rappler.com