PLDT bid to buy GMA stake stalled anew


Negotiations for the Philippine Long Distance Telephone Co. (PLDT) to acquire a stake in GMA Network Inc. have collapsed anew, with PLDT Chairman Manuel Pangilinan hinting that he is getting tired of the chase.

“Our offer [to GMA]expired already. It expired in the first week of February,” Pangilinan said, adding that “a variety of reasons” led to the collapse of the talks.

When asked if the talks could be revived, Pangilinan said, “Well, we don’t know. Nakakapagod na eh [it’s exhausting].”

Pangilinan also said that if there will be another round of talks between PLDT and GMA, he would not be the one to initiate it.

He said that PLDT was eyeing a minority stake of 34 percent in GMA.

In October 2012, talks for PLDT to take a stake in GMA bogged down reportedly over price issues.

The Gozon, Duavit and Jimenez families control a combined 79 percent of GMA.

Lawyer Felipe Gozon, chairman of GMA, earlier said that differences over pricing were not the reason why the talks fell through.

The Pangilinan Group currently owns 100-percent of TV5 through MediaQuest, which also has an 80-percent interest in BusinessWorld, a 20-percent stake in Philippine Star, and an 18-percent stake in the Philippine Daily Inquirer.


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