GMA Network ends stake sale talks with Ramon Ang

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GMA Network Inc. on Tuesday said its majority shareholders have terminated talks on a share purchase deal with businessman Ramon S. Ang (RSA).

“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 said in a disclosure to the Philippine Stock Exchange.

Earlier, Gozon had “confirmed” that GMA was in talks with Ang, president of San Miguel Corp. (SMC), for a possible investment in the broadcast network.

“I am not allowed to talk [about that]because of confidentiality, but it’s substantial. I cannot be specific,” Gozon was earlier quoted as saying.


“We’re talking, period. I cannot disclose any details because as I said, our discussions are covered by a confidentiality agreement,” he said.

No revised offer from PLDT
When asked if the talks with the PLDT Group could be revived, Gozon replied: “Anything is possible.”

Last year, Philippine Long Distance Telephone Co. (PLDT) chairman Manuel Pangilinan (MVP) said his group had no plans of renewing its offer to buy a stake in GMA Network. PLDT backed off further after GMA confirmed it was in talks with SMC for a possible investment deal.

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