GMA denies stakeholders ready to sell
Apr 17, 2012 (The Manila Times - McClatchy-Tribune Information Services via COMTEX) --
The chief operating officer (COO) of GMA Network clarified on Monday reports that Manny Pangilinan has offered up to P45 billion for the purchase of a substantial interest in the Kapuso network.
GMA President and COO Gilberto Duavit said that it is not true that two out of the three major stockholders of the network "are already amenable to selling their respective 33-percent stake."
He said that the major and controlling shareholders of GMA have not received a price offer that is acceptable to them.
"We are presently not in serious negotiations with the PLDT group as we have not yet received an offer price that is acceptable to us. The network is not for sale but that is not to say it may not be sold, depending on the offer price," Duavit said referring to Philippine Long Distance Telephone Co. which Pangilinan leads.
He also clarified that the sale of GMA to the PLDT group nearly occurred in 2001 with the signing of a Memorandum of Understanding between the owners and two entities.
Duavit mentioned that there were agreements reached then among the owners of the two entities on both the pricing and a sale of a majority stake, contrary to the news article. The transaction, however, did not materialize because of issues encountered by the buyer, and not because of a disagreement on the indicated P14 billion price offer.
GMA ended the year with net earnings of P1.715 billion, or a 39-percent drop from the P2.821 billion registered in 2010.
GMA is continuing its aggressive expansion efforts with the rise of stations in the Ilocos and Bicol regions, and the station wide reformatting of Channel 11 from QTV to GMA News TV.
Also, as early as end-February of this year, the GMA marketing group closed 85 percent of 2012 sales targets with signed agreements from regular advertisers.
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