GMA's Duavit says 'no serious talks' with PLDT

by Coco Alcuaz, ANC

Posted at Apr 16 2012 10:54 PM | Updated as of Apr 17 2012 06:55 AM

MANILA, Philippines - GMA Network says there are no serious talks to sell the company to the PLDT group because PLDT hasn't given them an acceptable price yet.

GMA President Gilberto Duavit, a member of one of the network's 3 controlling families, said it's not for sale but could be with the right offer.

"We are not in serious discussions as we have not yet received an offer price that is acceptable to us. The network is not for sale but that is not to say it may not be sold, depending on the offer price," he said.

GMA Network has climbed this year on speculation PLDT, led by Manuel Pangilinan, wants it.

Pangilinan has said he's interested in buying GMA, the country's 2nd largest network, pointing out he wanted to buy it as early as 2001.

PLDT already owns the country's 3rd largest network TV5.

Both GMA and TV5 compete with ABS-CBN.

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