Ayala Corp. eyeing deal with GMA Network?


In search of new business opportunities, conglomerate Ayala Corp. is looking at a possible partnership with GMA Network Inc.

“The telecommunication business is changing . . . You’ve seen some of the arrangements that Globe has been reaching with entertainment companies,” Jaime Augusto Zobel de Ayala, chairman and CEO of Ayala Corp. told reporters on Friday.

Asked if Ayala Corp. is in talks for possible partnership content with GMA Network, Zobel said, “We’re always in talks with actually all the players, one way or another . . . The good partner is with all of them one way or another.”

Earlier, GMA Network has terminated talks on a share purchase deal with businessman Ramon Ang.

“The company has been informed by its majority shareholders [Jimenez Group, Gozon Group and Duavit Group] that the negotiation with Ramon Ang on the sale and purchase of a participating minority equity interest in the company’s outstanding capital stock is now deemed terminated,” GMA Network earlier said in a disclosure to the Philippine Stock Exchange.

Last year, Philippine Long Distance Telephone Co. Chairman Manuel Pangilinan said his group had no plans of renewing its offer to buy a stake in the network.


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