Manny Pangilinan won’t be acquiring GMA Network Inc., network says discussions for possible acquisition have been "terminated"

ABS-CBNNews.com reports that "in a disclosure to the Philippine Stock Exchange, publicly listed GMA Network Inc. said discussions with MediaQuest Holdings Inc. for its possible acquisition of a controlling stake in the network have been terminated."

ABS-CBNNews.com reports that "in a disclosure to the Philippine Stock Exchange, publicly listed GMA Network Inc. said discussions with MediaQuest Holdings Inc. for its possible acquisition of a controlling stake in the network have been terminated." The report noted that "Mediaquest is an investee company of the Philippine Long Distance Telephone Co. (PLDT) Retirement Fund." PLDT is headed by tycoon Manny V. Pangilinan.

 

The report quoted GMA chief executive Felipe Gozon who, on Tuesday, declined to comment on specific details regarding Pangilinan’s offer. Gozon said, "We are not peddling GMA for sale (sic). Somebody wanted to buy and we attended to it. There is no plan B, no plan C, no plan D."

 

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

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