Ramon Ang confirms talks for stake in GMA

MANILA, Philippines – Businessman Ramon Ang on Monday, May 5, confirmed his ongoing talks with shareholders of GMA Network Incorporated  for a possible acquisition of a stake in the listed broadcasting company.

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

Watch this report below.

GMA-7 chairman and chief executive officer Felipe Gozon also confirmed the talks following a series of failed negotiations with Ang’s rival businessman, Manuel Pangilinan of the Philippine Long Distance Telephone Company (PLDT).

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

Gozon expressed confidence about talks with Ang even as he said, “I don’t really know why Mr. [Ramon] Ang is very, very interested in buying into GMA.”

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

The PLDT Group, through Mediaquest, on the other hand, has acquired a controlling stake in TV5, which is operated by Associated Broadcasting Corporation, as well as interest in Philippine Star and BusinessWorld. It also owns a minority stake in the Philippine Daily Inquirer.

MediaQuest has expressed interest in acquiring up to 79% stake in GMA-7 for P48 billion, to cover both preferred and common shares owned by the families of Duavit, Gozon, and Jimenez.

The talks collapsed. 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.

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. – Rappler.com