MANILA – The PLDT Group may revive discussions for an investment in GMA Network Inc after the broadcast company ditched talks with San Miguel Corporation (SMC) president Ramon S. Ang.
"You know, we are always open to, as I said, to content providers like themselves. But as of now, there are no talks between ourselves and GMA7," Manuel V. Pangilinan, chairman of Philippine Long Distance Telephone Company (PLDT) said Wednesday night.
"Well, we're not yet really ready. We haven't really met internally to determine what course of action to take," he said.
The PLDT Group thrice discussed a possible investment in GMA7, but none of the talks prospered. The third attempt saw the PLDT Group offering P9 a share for a third of the broadcast company, but discussions fell through because of disagreement over regulatory risk-sharing.
Over a year ago, Ang came up with a higher offer of P10.80. Early this week, GMA7’s majority owners however ended talks with Ang, who in turn announced he was exploring legal options. The Gozon, Jimenez and Duavit families own a combined 79 percent of GMA7.
Pangilinan said GMA7’s content is "quite important" to the PLDT Group.
"Local content is still important to a platform provider like PLDT," he said.
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