Ang confirms talks with Gozon over GMA stake

ABS-CBN News

Posted at May 05 2014 12:01 PM | Updated as of May 06 2014 02:57 AM

 

MANILA, Philippines (UPDATE)  - Businessman Ramon S. Ang on Monday confirmed he is in talks with GMA Network chairman Felipe Gozon for a possible stake in the broadcasting company.

"Yes, in talks," he said in a text message, when asked about his interest in GMA Network.

Ang, who is president of San Miguel Corp., also confirmed he is considering buying a stake in the company in his personal capacity.

Ang has been in discussions with Gozon since January. The Inquirer last January reported that Ang had offered to buy at least 30 percent from GMA Network's majority shareholders, the Gozon, Duavit and Jimenez families.

On Monday, Gozon also confirmed discussions with Ang during a briefing, saying the businessman was "very interested" in GMA.

When asked about discussions with Ang, Gozon was quoted by The Philippine Star's Lawrence Agcaoili, as saying: "We are talking. Period."

Gozon was also asked about the failed discussions with businessman Manuel Pangilian, who controls number 3 network TV5. He said Pangilinan had apparently gotten "tired" and backed out of the negotiations.

Last March, talks between GMA and Philippine Long Distance Telephone Co. (PLDT) toward a buyout deal collapsed. At that time, Pangilinan said GMA did not respond to PLDT’s offer to buy a 34 percent minority stake.

GMA Network on Monday reported its net income plunged 46 percent to P325 million in the first quarter of 2014, from P601 million a year ago. - With report from Coco Alcuaz, ANC