The chairman of GMA Network Inc on Wednesday said talks for an investment by San Miguel Corp president Ramon S. Ang in the broadcast company should be completed in a month.
Based on transcipts from an interview during GMA7's stockholders meeting, its chairman Felipe L. Gozon said talks with Ang are "progressing" and set to close "within 30 days."
"Mr. Ang is good; he will bring a lot of ideas," Gozon said. Discussions between GMA7 and San Miguel executives started early this year.
Ang had offered to acquire at least 30 percent of GMA7 for P10.80 per share, higher than the P9 supposedly offered by Philippine Long Distance Telephone Co (PLDT) chairman Manuel V. Pangilinan.
The offer of the PLDT Group expired last February 8, the third attempt by the country's largest telco to acquire a stake in GMA7.
In October 2012, PLDT and GMA7 terminated discussions for the telco's buyout of the broadcast firm's major shareholders - the Gozon, Duavit and Jimenez families - who own a combined 79 percent of the network.
Pangilinan had said disagreement over regulatory risk-sharing led to the collapse of negotiations.
Any PLDT acquisition of a broadcast network would have to go through the gamut of regulatory and Congressional approvals. As it already owns TV5, BusinessWorld and Philippine Star -- as well as a minority stake in Philippine Daily Inquirer -- PLDT's bid for GMA7 could attract close scrutiny, if not opposition from certain quarters concerned over the concentration of media power in one conglomerate.
In 2004, PLDT-Beneficial Trust Fund also attempted to buy 66.67 percent of GMA7 for P8.5 billion. Negotiations bogged down after the fund’s unit, MediaQuest Holdings Inc, cut its offer from P14.58 billion to P12 billion.