Gozon says willing to sell shares in GMA Network

Posted at 01/18/2012 5:48 PM | Updated as of 01/19/2012 7:19 AM

MANILA, Philippines - One of the major shareholders of GMA Network Inc. said he is willing to sell his holdings in the broadcasting corporation for "P200 billion" if there are interested buyers.

GMA Network chairman and CEO Felipe Gozon issued the statement, which was posted on the network's Facebook page, clarifying an earlier news report quoting him as saying GMA Network was for sale at "the right price."

"We are not actively looking for buyers or peddling the station. But as I have said, if I receive an offer of a high price like P200 billion, I am willing to sell my shares. I cannot speak for the other owners," he said.

GMA Network has a market capitalization of P22.45 billion. Its shares closed at P6.67 apiece on Wednesday.

Gozon's statements came nearly two weeks after he denied rumors that there were negotiations to sell GMA Network to the group of Manuel V. Pangilinan, who chairs rival network TV5.

According to the rumors, which were going around social networking sites in December last year, MVP offered to buy the network for a whopping P500 billion.

Gozon called the rumors "out of this world" and "very wild."

"If it's P500 billion, I will sell it right now. You can wake me up when I'm asleep if someone offers to buy it for P500 billion," he has said.

Aside from the Gozons, GMA Network is owned by two other families -- the Duavits and Jimenezes.