Has Ramon Ang lost interest in acquiring GMA 7 network?
GMA Network’s CEO Felipe Gozon has no definite answer for this question.
Speaking to the media during GMA 7’s first quarter briefing, the Network Chairman revealed that “the ball is no longer in their court”.
“I have to be very truthful to you. The talk was sometime ago, so if I say that we’re still close [to signing a deal], nobody will believe me so I won’t say it. At this point, let me just say that our attitude is wait and see. The ball is no longer in our court,” Gozon disclosed.
Early last year, the president and chief operating officer of San Miguel Corporation announced his plans to buy “very significant minority stake” of the network.
Ang even declared the planned acquisition as a “done deal” in June 2014.
In November last year, Ang and the shareholders of the giant network were supposed to sign the purchase agreement. However, this did not materialize.
Meanwhile, Ang claimed he is still in talks with the network.
Through a text message, he told Rappler: “Yes, [we’re] still in talks.”
Still Entertaining Other Offers
Although Gozon is hoping that the network’s agreement with Ang would be finalized this month, he said they are still entertaining other offers.
“Since I am no longer sure, it depends on the suitor whether they would like to court us or not… From the very beginning, even before, we are not selling our shares. But there are many buyers who want to buy and so we are entertaining the offers,” Gozon said.
TV5 Network Chairman Manny Pangilinan offered to buy a minority stake in the network in 2014 but failed to close the negotiation.
When asked to comment about possible talks with the Pangilinan group, Gozon said: “Anything is possible.”
No Labor Problems
When asked if labor problems prevented potential buyers from finalising a deal with network , Gozon explained that they don’t have union problems as well as strikes.
According to Gozon, GMA 7 wants to maintain a lean organisation so the company’s manpower reduction program will also include their Quezon City main office.
In April this year, the Kapuso network closed 4 regional offices and displaced at least 100 employees to target more efficient operations.
