MANILA, Philippines - Diversifying conglomerate San Miguel Corp. disclosed on Thursday that it plans to invest in the Philippine broadcasting industry.
San Miguel President Ramon Ang said the company is seriously considering investing in media, which would pit it against PLDT's Manuel Pangilinan, which is also on a buying binge.
Pangilinan's MediaQuest has been eyeing GMA Network, but the latter's owners have found his price offer too low.
Pangilinan now owns the country's third largest network, TV5.
Asked if San Miguel will try to bid for GMA Network, Ang did not comment.
There are 2 government-sequestered networks for sale, Channels 9 and 13.
San Miguel will also continue to strengthen its foothold in the airline industry by expanding its business in the region.
Ang did not disclose other details, but noted the company wants to synergize the operations of Philippine Airlines (PAL) with regional players so they can better tap the United States market and also Europe.
He said it could be via a joint venture or acquisition.
San Miguel made its first foray into the transportation sector back in April when it acquired an indirect stake in the flag carrier.
The firm also confirmed reports it would sell P80 billion in perpetual preferred shares in August to refinance P72 billion worth of preferred shares issued to stockholders and the government back in 2009. – from a report by Ma. Eloisa Calderon, ANC