GMA Network Inc. and Philippine Long Distance Telephone Co. (PLDT) have denied reports that both parties have agreed on a price-tag for the the PLDT Group to buy the broadcast media network, the companies said in separate disclosures Monday.
GMA told the Philippine Stock Exchange that it “prefers not to comment on a speculative article based from an unnamed source.”
It, however, noted that it “is unaware of any agreement having been reached as mentioned in the said article.”
GMA was referring to an article published on the Philippine Daily Inquirer's business gossip column, Biz Buzz.
Citing unnamed sources, the article said GMA and PLDT have agreed on a P48-billion lock-stock-and-barrel deal for the broadcast firm.
In a separate disclosure, PLDT said MediaQuest Holdings Inc. – the media conglomerate owned by the Beneficial Trust Fund of PLDT – “has not entered into any definitive transaction regarding any commercial or strategic arrangements.”
Talks between PLDT and GMA in 2001, 2004 and 2012 for the acquisition of the broadcast network fizzled out over price and regulatory paperwork.
In the disclosure, PLDT reiterated that MediaQuest remains on the lookout for opportunities in the multimedia sector, including GMA.
Last August, MediaQuest gained a majority stake in BusinessWorld Publishing Corp., owner of BusinessWorld newspaper and HighLife magazine, after infusing fresh capital into the publishing firm.
MediaQuest already owns the media establishments Associated Broadcasting Co. (TV5), Nation Broadcasting Corp. and Cignal Digital TV.
The PLDT Group is also planning to take a majority interest in The Philippine STAR newspaper, where it currently holds a minority stake.
GMA News Online is a wholly-owned subsidiary of GMA New Media Inc., the new media arm of GMA Network Inc. – Siegfrid Alegado/VS, GMA News
Article from: GMA News Online
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