Wednesday, August 22, 2012

GMA-7 Majority Owners Willing To Sell the TV Network To MVP

MANILA - The chairman of GMA Network Inc. on Wednesday said the company’s majority owners are willing to give management control to the owner of TV5.

"Right now, what is on the table is 100 percent. If you're asking if we are willing to be a minority, the answer is no. We are not peddling our shares... they came to us to buy our shares and the offer is to buy all our shares," Felipe Gozon, GMA7 chairman told reporters in a briefing.

Gozon said he and the other majority owners - the Duavits and Jimenezes - who own a combined 79 percent of GMA7 are willing to sell their shares to Manuel V. Pangilinan, who chairs PLDT and TV5. is the online news portal of TV5.

"We're speaking as one voice. There's no intention to leave one behind," Gozon said.

He however said issues remain, adding that the sale of GMA7 to the PLDT group will not push through if no deal is sealed by yearend. But he is “not closing the door if three to five years from now” the PLDT group comes back with a fresh offer.

Pangilinan earlier said an agreement to invest in GMA7 may be reached within the year, and that the telecom giant’s media arm, MediaQuest Holdings, may be used as the corporate vehicle for the investment

Any PLDT investment in GMA7 however would be “below P100 billion,” he said. As of Wednesday, the market valued GMA7 at P33.6 billion.

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