Filtered By: Money

Pangilinan: Offer to buy GMA lapsed last month

Manuel V. Pangilinan's offer to buy a minority stake in media conglomerate GMA Network Inc. lapsed last month, the business magnate said Tuesday.

"There are no discussions ongoing. Our offer expired first week of February.
[There was no effort to extend the offer] on our side," Pangilinan, who is chairman of the Philippine Long Distance Telephone Company, said on the sidelines of PLDT's 2013 financial results briefing in Makati City Tuesday.

Pangilinan was eyeing a 34-percent stake in GMA. When asked if he will make another offer in the future, Pangilinan said he doesn't know, jokingly saying he was tired.

Last January 6, GMA Network and PLDT denied reports that both parties have agreed on a price tag for the PLDT Group to buy the broadcast media network.

Talks between PLDT and GMA in 2001, 2004 and 2012 for the acquisition of the broadcast network fizzled out over price and regulatory paperwork.

Last August, Pangilinan's MediaQuest Holdings gained a majority stake in BusinessWorld Publishing Corp., owner of BusinessWorld newspaper and HighLife magazine, after infusing fresh capital into the publishing firm.

MediaQuest already owns the media establishments Associated Broadcasting Co. (TV5), Nation Broadcasting Corp. and Cignal Digital TV.

The PLDT Group is also planning to take a majority interest in The Philippine STAR newspaper, where it currently holds a minority stake.

GMA News Online is a wholly-owned subsidiary of GMA New Media Inc., the new media arm of GMA Network Inc. — Danessa O. Rivera/BM, GMA News