SMC CHAIRMAN BUYS A STAKE ON GMA NETWORK FOR P10.8 BILLION!

After the reported collapse of talks between the three families who control GMA Network and Mannuel Pangilinan of Media Quest, reports surface indicating Ramon S. Ang finalizing its entry to the Media Giant. 

The three families who control the GMA Network expect to receive about P10.8-billion from San Miguel president Ramon S. Ang. The amount represents a reported 30-percent stake, at a reported price of P10.80 a share, that Ang is acquiring in his personal capacity. San Miguel Corp. is not allowed by law to aqua ire a stake in GMA Network as no foreign entities are allowed to hold a controlling stake in any of the country's media entities.  

As a consequence of the P10.8-billion injection from RSA, the Gozon, Jimenez and Duavit families would have to shave off their combined 79-percent shareholdings to accommodate the entry of their new partner.

The GMA7 triumvirate, in addition, received financial advice from Deutsche Bank. According to the grapevine, the shareholders’ agreement between the three families and their incoming partner is being rushed in time for the long Holy Week break.

Although the current chief financial officer, Felipe Yalong, has been heard telling friends he might opt for early retirement, no top management changes are expected should Ang finally come on board.

But at the board level, former Chief Justice Artemio Panganiban may have to relinquish his independent directorship to avoid a conflict-of-interest situation, since the retired magistrate also happens to be a director of PLDT, the owner of TV5.

Credits to Philippine Star