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(Updated 2:16 pm.) Officials of GMA Network Inc. are in talks with San Miguel Corp. president Ramon Ang, who is very much interested in buying a stake in the broadcast media company.
GMA Network chairman and CEO Felipe Gozon confirmed this at a briefing Monday on the first quarter results, noting talks began in January.
He, however, declined to disclose further details, saying the "discussions are covered by confidentiality agreements" with Ang.
In a text message to GMA News Online, Ang also confirmed the talks with GMA controlling shareholders. “Yes, in talks.”
GMA's Gozon noted Ang "is very very interested" in buying into the broadcast media company. "I don't know why Mr. Ang is very interested in buying into GMA," Gozon noted.
"Beyond that I am not at liberty to disclose the details because this is covered by confidentiality agreement," he added.
Confirmation from both parties came three months after businessman Manuel V. Pangilinan's offer to buy a minority stake in GMA Network lapsed.
Last March, Pangilinan – Philippine Long Distance Telephone Company chairman – said the offer to buy a 34-percent stake in GMA Network lapsed in February and was not extended.
The discussion with San Miguel's Ang is different from the content sharing partnership with the PLDT Group and Globe Telecom Inc., Gozon noted.
"That is a separate matter. The talk with Mr. Ang is equity. … This is over the top partnership on how our content can be distributed in the platforms of Globe and Smart," he said.
In August 2013, Gozon said GMA president and COO Gilberto Duavit was in talks with telcos Smart Communications Inc. and Globe Telecom Inc. to widen its content distribution platform without involving any equity buyout.
However, nothing has yet materialized from the discussions with the telcos.
"Wala pang development we are still talking and I havent received any concrete development," Gozon said. – VS, GMA News