San Miguel Corp. president Ramon Ang will bring his business expertise into GMA Network Inc., the broadcast media company's top official noted on Wednesday, saying negotiations are "progressing smoothly."
"Talks with Ramon Ang are progressing smoothly," Felipe L. Gozon, GMA Network chairman and CEO, told reporters after the company's annual stockholders' meeting in Quezon City.
"We cannot disagree with him... he's the other party to this transaction," Gozon said, noting Ang expressed hope in closing the deal within 30 days.
The GMA official, however, declined to comment if there was any down payment made to GMA. "I'm not at liberty to disclose that."
Should the two parties strike a deal, GMA Network management will remain on status quo, Gozon said, noting Ang will bring in a lot to the company.
"Magaling si Mr. Ang. He will bring a lot of ideas. Napalaki niya 'yung San Miguel," he said, and even quipped that Ang is better than him when it comes to business.
On May 5, Gozon confirmed talks with Ang have started in January, saying the San Miguel official "is very, very interested" in buying into the broadcast media company.
The confirmation came three months after businessman Manuel V. Pangilinan's offer to buy a minority stake in GMA Network lapsed.
Last March, Pangilinan – Philippine Long Distance Telephone Company chairman – said the offer to buy a 34-percent stake in GMA Network lapsed in February and was not extended.
