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Friday, March 29, 2024

TV5 Network executive denies merger talks with rival GMA-7

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A top executive of TV5 Network Inc. said there are no discussions for a possible merger with rival GMA Network Inc., after parent company PLDT Inc. signed a major deal with the Gozon-led broadcast network. 

“For now, I can say honestly that there is no plan along the way,” TV5 president and chief executive Vincent Reyes said.

PLDT Group, the parent company of TV5, and GMA Network earlier signed a technology, content and distribution agreement that will involve game-changing innovations for the latter’s digital transformation.

“That discussion has been going for quite a while, two years already,” Reyes said.

“I don’t look at it as a competitive situation from where we are sitting,” he said.

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The PLDT Group earlier expressed interest to acquire a controlling stake in GMA Network, but talks collapsed partly due to regulatory issues. 

The Gozon, Jimenez and Duavit families own a combined 79 percent of the network, which airs on Channel 7 on free TV.

Majority shareholders of the broadcaster earlier agreed  to sell about 30 percent of the company to businessman Ramon Ang, but the negotiation bogged down after more than a year of talks.

PLDT, partly owned by Hong Kong’s First Pacific Co. Ltd. and Japan’s NTT group, earlier posted a net income of  P16.48 billion in January to September last year, down from P21.87 billion in the same period last year. 

PLDT said profit in the third quarter declined to P4.5 billion from P5.38 billion a year ago.

It said excluding foreign exchange gains and other non-recurring income, core profit without Voyager Inc. amounted to P19.07 billion in the nine-month period, up by 5 percent from last year’s P18.12 billion. 

Revenues hit P111.88 billion in the first nine months, up 4 percent from last year’s P113.35 billion.

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