Atty Gozon finally admits that GMA network is indeed for sale when the price is right. I hate to sound so snarky but 100 billion is indeed excessive for a TV network that profits around 2 to 3 billion annually. I hope whoever would buy the network would make the station more sophisticated and none of that bakya shows.
MANILA, Philippines – The three major owners of broadcast company GMA Network will sell their stakes to a buyer that will offer P100 billion for 100 percent of the company.
“I will sell for P100 billion, and this includes the 23 percent held by the public. At P100 billion, I will sign with my eyes closed,” GMA chairman and CEO Felipe Gozon said.
According to Gozon, more than one conglomerate has offered to acquire GMA and one of them is the group of Manuel V. Pangilinan, which owns rival TV 5. There were earlier reports that Pangilinan had offered P40 to P45 billion for a 100-percent stake in GMA.
Gozon said that at the moment, they have not received an “acceptable” offer. “If we receive an acceptable offer, then we will sell our entire stake in the company,” he added. The 77-percent stake not held by the public is owned by Gozon, the Duavits and the Jimenezes.
As to what is an acceptable offer, Gozon said “price is the start of everything.”