ABS CBN Corp. chairman Eugenio L. Lopez III answers questions during a media briefing following the company’s stockholders meeting, May 14, 2014. Photo by Jonathan Cellona for ABS-CBNnews.com
MANILA (UPDATE) - The Philippines' largest multimedia company ABS-CBN Corporation remains focused on growth plans, amidst talk of strategic partnerships being forged by the competition.
"We're not really focused on that competitive dynamic. We're really more focused on our own internal plans to roll out a number of different activities across all the different platforms." ABS-CBN Corp. chairman Eugenio Lopez III said at the company's annual stockholders meeting on Wednesday.
GMA Network chairman Felipe Gozon earlier confirmed they are in talks with Ramon S. Ang for a possible stake in the country's second largest network investing in his personal capacity.
ABS-CBN, through unit ABS-CBN Convergence, is now rolling out ABS-CBN Mobile, a network sharing deal with Ayala-led Globe Telecom that enables the multimedia giant to deliver content through traditional telecoms services.
"We have an MVNO (mobile virtual network operator) deal with Globe Telecom and so in that sense, they really are our strategic partner in terms of delivering new distribution mechanisms for our content to be provided, so we're focused on that kind of activity. We're developing Kidzania as a separate distribution arm eventually to allow our content to be distributed across other platforms." Lopez added.
The pioneering partnership between ABS-CBN and Globe forged last year, ushers in the media convergence era, especially as the two firms capitalize on its strong synergies.
MVP gives up on GMA
Last week, businessman Manuel V. Pangilinan said there are no plans to revive talks with shareholders of GMA Network. Pangilinan's group pursued a possible controlling stake in GMA Network, but talks fell through due to price and legal issues.
For now, Pangilinan said the group will concentrate on its other media assets such as TV5.
"I guess we're too busy with other things and with TV5 and all the rest of our media assets, so we'd like to focus on those first," he said.
PLDT, through MediaQuest Holdings, terminated discussions with GMA Network's major shareholders, another aborted attempt by the Philippines' largest telecommunications firm since negotiations began several years ago.
Acquiring GMA, the country's second biggest media group, is in line with the convergence strategy of Pangilinan's group.
The group has holdings in various media assets such as Cignal TV, TV5, broadsheets Philippine Star, Philippine Daily Inquirer and BusinessWorld.
Ang, meanwhile, also confirmed on Monday that he is in talks with Gozon for a possible stake in the broadcasting company.
"Yes, I am in talks to invest in GMA7 in my personal capacity," he said.
Ang has reportedly been in discussions with Gozon since January.
ABS-CBNnews.com is the online news site of ABS-CBN Corp.