Wheels & more -- Motoring quarterly
Advertisement
Manila Standard Job Openings

PLDT still keen on GMA Network

The Philippine Long Distance Telephone Co. Group is still interested to invest in GMA Network Inc. despite failed negotiations.

“Always interested,” PLDT chairman Manuel Pangilinan told reporters in a recent interview when asked if he was still interested to acquire a minority stake in GMA Network.

The PLDT Group and GMA Network in February 2014 ended a third round of negotiations for a 34-percent stake in the network.

Pangilinan’s statement came after businessman Ramon Ang and GMA Network chairman Felipe Gozon ended a legal dispute over the failed negotiations to acquire a 34-percent stake in the network.

Gozon has returned the P1-billion downpayment made by Ang for the purchase of a minority stake in GMA Network.

Ang earlier filed an estafa case against Gozon for allegedly terminating the negotiations and failing to return the P1-billion downpayment. The Gozon, Jiminez and Duavit families own a combined 79-percent stake in GMA Network, which operates GMA 7.

Gozon said Ang received the P1 billion, while he received a substantial amount from Ang in return.

Gozon claimed there was no basis for the charge of syndicated estafa as there was no deception or fraud employed by the Gozon group in the proposed sale of their GMA shares to Ang.

Gozon said his group had the right to retain the P1-billion downpayment made by Ang, who allegedly breached the contract to purchase a minority stake in the broadcast company.

Ang had accepted Gozon’s explanation about the non-involvement of the other members of the Gozon group in the retention of the downpayment.

Pangilinan, meanwhile, said talks with GMA Network for content partnership were still ongoing.

“I think under discussion, there was no final agreement yet,” he added.

GMA’s Gozon earlier said his company was in talks with PLDT and Globe Telecom Inc. to deliver media content.

Globe, a unit of Ayala, earlier told the stock exchange it was engaged in discussions with GMA for personal content collaboration that would complement the businesses of the two companies.

“As part of Globe’s normal business operations, the company is open to discuss other potential forms of business collaboration with various parties, including GMA,” it added.

Topics: PLDT , GMA Network , Manuel Pangilinan , Investment , Ramon Ang , Felipe Gozon
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by The Standard. Comments are views by thestandard.ph readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of thestandard.ph. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with The Standard editorial standards, The Standard may not be held liable for any false information posted by readers in this comments section.
AdvertisementKPPI
Advertisement