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THE PHILIPPINES, DECEMBER 29, 2011: Rumors of Manuel V. Pangilinan buying out GMA Network Inc. are just that: rumors.
Pangilinan, chairman of telco giant Philippine Long Distance Telephone Co. (PLDT) and rival network TV5, is said to have offered PHP 500B to buy out GMA-7, which according to social media buzz and bloggers alike, have already been expressed in a disclosure to the stock exchange.
"There is no truth to the said report," said GMA’s Vice President for Investor Relations and Compliance Ayahl Ari Augusto Chio. In a separate statement, GMA-7 further clarified that no negotiations are going on between the two parties regarding any acquisition.
Meanwhile, Pangilinan was mum on the issue. When asked if he indeed plans to acquire the the Felipe Gozon-chaired network, Pangilinan replied via a text message: "I am in Hong Kong with my family. But I am working also."
The rumors of the buyout are not entirely baseless, however. In 2001, Pangilinan, through MediaQuest Holdings Inc., the media holding company of the PLDT Beneficial Trust Fund, had initially attempted to acquire 66.67% percent of GMA for PHP 8.5B. The deal fizzled, however, due to valuation issues.
Amid the rumors of the buyout, shares of GMA Network Inc. were heavily traded and were among the 10 top gainers on Tuesday. Values for the network’s shares rose 4.8%, closing at P6.50 each on a turnover of 606,600 shares valued at PHP 3.93B.
