Tycoon Manny Pangilinan says he hopes to close the GMA-7 deal before 2012 ends

ABS-CBNNews.com reports that on Thursday, July 12, tycoon Manuel V. Pangilinan-chairman of Philippine Long Distance Telephone Co. (PLDT) and TV5 boss-revealed that "he hopes to close an ’investment deal’ with the owners of GMA Network Inc. before the end of the year."

 

The report quoted Pangilinan, who explained, "It is still under discussion with the groups of Gozon, Jimenez, and Duavit. That timetable is beyond our control. That's we would like to see [end of the year closure] but it's beyond our control because we have to go through both houses of Congress and subject to the approval of the National Telecommunication Corp." According to the report, Pangilinan also added that "the PLDT group will tap banks to partly finance the planned acquisition of GMA Network Inc."

 

For more on this story, log on to ABS-CBNNews.com.

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