Businessman Manuel Pangilinan on Thursday put an end to the speculations on the real cause of the failed talks between GMA Network Inc. and TV5.

“Really it’s not about the price, I think the press releases said it all, it’s really the question of regulatory, sharing regulatory risk, [we did not come to terms],” said Pangilinan, chairman of Philippine Long Distance Telephone Co. (PLDT) which has ties to TV5.

In earlier reports, lawyer Felipe Gozon, chairman and chief executive of GMA Network, said that the termination of the talks for the merger of GMA Network and TV5 have been was mutual, since both parties agreed to it.

The move of Pangilinan to acquire GMA Network has been keenly watched by the broadcast industry.

On October 4 disclosure to the Philippine Stocks Exchange, PLDT said that talks between its unit MediaQuest Holdings Inc. and the major shareholders of GMA 7 have been terminated.

“MediaQuest Holdings Inc. and the major shareholders of GMA Network Inc. have announced the termination of recent discussions with respect to a possible acquisition of a controlling interest in GMA by Mediaquest and its affiliate within the PLDT Group. The parties have been unable to arrive at mutually acceptable terms despite the continual discussions and efforts exerted in good faith,” MediaQuest said in a statement.

MediaQuest is owned by PLDT’s retirement fund.