GMA bidding to become conglomerate

GMA Network Inc. said over the weekend it is looking at acquisitions and new investments in the Philippines and abroad as part of its strategy to transform itself into a conglomerate.

The company said to streamline GMA Group’s investment and diversification efforts, it would set up GMA Ventures Inc., a holding company that is 100 percent owned by GMA.

It would transform the GMA Group into one of the major conglomerates.

“We now set our sights on making GMA one of the major conglomerates in the Philippines. We are taking this significant step to future-proof the network, champion innovative industries and business models and be at the forefront of technology advancement and the growth of the digital economy,” said GVI president and chief operating officer Regie Bautista.

She said to tap new markets and revenue streams, GVI would lead the GMA Group in identifying, investing in, and/or building strong and sustainable businesses.

As a champion for innovative business models, GVI will focus on sunrise industries such as tech start-ups with substantial growth horizons and industries that continue to expand.

Aiming to be at the forefront of technology advancement and the growth of the digital economy, it will also engage in mergers and acquisitions, strategic partnerships and fund investments, within or outside the Philippines, she said.

“Following the successful roll-out of our digital TV products and a banner year in 2020, we are looking at surpassing our own achievements not just in terms of our main media business and content production,” said GMA and GVI chairman and chief executive Felipe Gozon.

“We are actively looking for ways to diversify the company’s portfolio by investing in sustainable businesses and, ultimately, providing the best returns to our shareholders in the years to come,” he said.

GMA president and chief operating officer Gilberto Duavit said while the media company was tirelessly working on maintaining its leadership position in the industry, the company also aimed to further contribute to the growth of the Philippine economy as it protects and increase shareholder value.

“GMA Ventures will be our arm in identifying other viable sources of revenue and future profit pools,” he said.

The leading broadcast network earlier reported a net income of P2.01 billion from January to March, up from P583 million in the same period last year.

First-quarter consolidated revenues grew 55 percent to P5.45 billion.

GMA Network became the undisputed leader in the TV and radio broadcast industry after the government shut down ABS-CBN Corp. of the Lopez family last year.