Businessman Manny V. Pangilinan echoes previous statement of GMA-7 Chairman Felipe Gozon about the termination of discussions to acquire GMA Network.
Following the announcement of the cancellation of the discussions between GMA-7 and MediaQuest Holdings Inc., Atty. Gozon said, “The issues that the parties were not able to resolve had nothing to do with the price.”
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MediaQuest is an investee company of PLDT Retirement Fund.
MVP, who is also the chairman of PLDT, gave a similar statement during the 50th founding anniversary of the UP Alpha Sigma fraternity on Wednesday, October 10.
In an article published on Interaksyon.com yesterday, October 11, Pangilinan was quoted saying, “It’s not about the price. It’s really a question of share of the regulatory risks. So, doon hindi nagkasundo.”
Pangilinan, who also serves as chairman of TV5 network, was referring to the possible hindrances that PLDT investment in GMA-7 might encounter since the deal would require government approval.
GMA-7 holds a Congressional franchise that could put a PLDT buy-in under scrutiny by the legislature. It may also affect PLDT’s stake in TV5 network.
Since the deal was cancelled, Pangilinan has moved on and will now give his full focus to the Kapatid network.
He said, “Tapos na iyon. Our focus is to make TV5 a viable competitor.”
TV5 is currently third in the industry in terms of ratings. Its major rivals are ABS-CBN and GMA-7.