MVP: No revival of talks with GMA Network

Posted at 05/06/2014 5:54 PM | Updated as of 05/06/2014 9:53 PM

MANILA (UPDATED) – Businessman Manuel V. Pangilinan said there are no plans to revive talks with shareholders of GMA Network, a day after GMA chairman Felipe Gozon confirmed he is in talks with San Miguel Corp. President Ramon S. Ang for a possible investment in the country's second largest network.

Pangilinan's group pursued a possible controlling stake in GMA Network, but talks fell through due to price and legal issues.

"We have no plans to make a re-offer with respect to GMA. There are no ongoing discussions with shareholders of GMA as we speak. There are no plans," Pangilinan said at PLDT's quarterly financial briefing on Tuesday.

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. -- Report from Liza Reyes, ABS-CBN News