PLDT Group on Wednesday signed a partnership with GMA Network Inc. to support the broadcast network’s digital transformation.
The two companies signed a technology, content and distribution agreement that will involve the launch of game-changing innovations that will power the media giant’s digital transformation.
“This partnership is a clear statement that we are welcoming disruption and embracing digital with open arms. By riding the wave of disruption with PLDT and Smart as partners, we will not only upgrade the quality of content we are producing but we are also setting the stage for a new age of digital television,” GMA Network chairman and chief executive Felipe L. Gozon.
“As we transform our business from being a legacy telco into the premier and most trusted digital enabler in the country, this partnership will enable us to power GMA’s digital pivot and help deliver to our millions of fixed and wireless subscribers GMA 7’s unique and compelling content, as well as exciting new digital experiences to more Filipino families,” PLDT and Smart chairman and chief executive Manuel Pangilinan said.
The PLDT Group earlier expressed interest to acquire a controlling stake in GMA Network, but talks collapsed partly due to regulatory issues.
The Gozon, Jimenez and Duavit families own a combined 79 percent of the network, which airs on Channel 7 on free TV.
Majority shareholders of the broadcaster earlier agreed to sell about 30 percent of the company to Ramon Ang, but the negotiation bogged down after more than a year of talks.
PLDT, partly owned by Hong Kong’s First Pacific Co. Ltd. and Japan’s NTT group, earlier posted a net income of P16.48 billion in January to September last year, down from P21.87 billion in the same period last year.
PLDT said profit in the third quarter declined to P4.5 billion from P5.38 billion a year ago.
It said excluding foreign exchange gains and other non-recurring income, core profit without Voyager Inc. amounted to P19.07 billion in the nine-month period, up by 5 percent from last year’s P18.12 billion.
Revenues hit P111.88 billion in the first nine months, up 4 percent from last year’s P113.35 billion.