Composite photos show GMA Network chairman Felipe Gozon and San Miguel Corp. president Ramon Ang. Gozon blog, AP file
MANILA, Philippines — Broadcasting firm GMA Network has agreed to sell a minority stake to San Miguel Corp. president Ramon Ang after several months of negotiations.
In a Philippine Stock Exchange disclosure on Tuesday, GMA said its major shareholders have agreed to sell minority equity interest to Ang.
The listed broadcasting company said that final terms and conditions of the share purchase documents, however, have yet to be firmed up.
“An appropriate disclosure shall be made upon execution of the relevant definitive agreements by the parties for the transaction,” the disclosure noted.
Confirming that there were ongoing talks on the purchase, GMA Network chief executive Felipe Gozon said he does not know why Ang is “very, very interested in buying into GMA.”
“We are talking. I cannot disclose any details because as I said our discussions are covered by a confidentiality agreement,” Gozon said.
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Ang’s move came after GMA Network’s failed negotiations with telecommunications mogul Manuel V. Pangilinan. Pangilinan, also the chairman of TV5, had said he has lost interest in acquiring a stake in the country’s second largest broadcasting network.
Gozon confirmed that Pangilinan “got tired” and backed out from the talks.
Business analyst and STAR columnist Boo Chanco, meanwhile, said Ang’s interest in having an influence over the network is similar to Pangilinan’s “play.”
Ang has reportedly bought a stake in Solar Entertainment Inc. of businessman Wilson Tieng.
Read related: Ang, Gozon confirm talks on sale of GMA stake
