MANILA, Philippines (UPDATE) - Businessman Manuel V. Pangilinan won't be buying another TV network after all.
In a disclosure to the stock exchange, publicly listed GMA Network Inc. said discussions with MediaQuest Holdings Inc. for its possible acquisition of a controlling stake in the network have been terminated.
Mediaquest is an investee company of the Philippine Long Distance Telephone Co. (PLDT) Retirement Fund.
"The parties have been unable to arrive at mutually acceptable terms despite continual discussions and efforts exerted in good faith," GMA said.
GMA Network chairman Felipe Gozon said the reason for ending the talks wasn't price.
"The issues that the parties were not able to resolve had nothing to do with the price... If there is a serious offer in the future, then we are willing to consider," he said.
As of 10:08 a.m., GMA Network is the second biggest loser in the exchange, down by 9.31% at P8.180 per share.
Pangilinan has earlier offered to acquire GMA Network, the country's second largest broadcast firm, for an estimated P50 - P60 billion. However, neither PLDT nor GMA have confirmed these amounts officially.
PLDT, the country's biggest telecommunications company, already owns TV-5 broadcast firm.
GMA chief executive Felipe Gozon earlier declined to comment on specific details regarding Pangilinan's offer. He also didn't comment on discussions with other parties, except to say that talks at the moment only involve Pangilinan's group.
"We are not peddling GMA for sale. Somebody wanted to buy and we attended to it. There is no plan B, no plan C, no plan D," said Gozon, who controls GMA together with the Duavit and Jimenez families.
"We are ready, prepared and willing to continue running the station [in case the talks fail]," Gozon said.
This is the second time Pangilinan has attempted and failed to acquire GMA-7. In the early 2000s, Pangilinan tried to buy GMA-7 but discussions fell apart.