GMA Network Inc. said Thursday it would take a break from entertaining possible investors after the two failed negotiations with businessmen Ramon Ang and Manuel Pangilinan, who both expressed interest to acquire a minority stake in the broadcast network.
“ I think at this point it would be better to the shareholders to focus first on the growing business of the company. That means, we will no be entertaining any offers,” GMA Network chairman and chief executive Felipe Gozon told reporters in a news briefing, without providing any additional details.
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 Ang, but the negotiation was scuttled after more than one year of talks. Talks with the group of Philippine Long Distance Telephone Co. also did not push through due to price and regulatory issues.
The network’s net income reached P1.804 billion in the January to September period, up by almost 80 percent over the the same period last year. GMA Network’s revenues stood at P10.31 billion in the first nine months of the year, or 16 percent higher that in 2014.
“Our company is in a strong financial position as we continue to dominate the nationwide ratings. We expect to sustain this growth and eventually finish the year on a solid note in terms of our revenues and ratings,” Gozon said. Darwin G. Amojelar