MANILA, Philippines - GMA Network Inc. has rejected the offer of former Ilocos Sur governor Chavit Singson and boxing champ Manny Pacquaio to invest in the broadcast firm as it aims to focus on growing the business first.
GMA chairman and chief executive officer Felipe Gozon told reporters talks took place between the network and interested parties but the investment did not push through.
“The owners have decided they want to focus on growing the business. In short, they don’t want to sell at this point,” he said.
Gozon is among the three major shareholders of the broadcast firm along with the Duavit and Jimenez families.
While GMA is not approaching potential investors, the company would be willing to sell if it gets an attractive offer.
“We are not selling but if we receive an offer that we will like then, we will sell,” Gozon said.
He said several parties have expressed interest to invest in the company but no discussions are taking place on such at the moment.
Earlier, GMA was in talks with businessman Ramon Ang for the latter’s acquisition of a 34 percent stake in the network but the parties did not proceed with the transaction.
Discussions with Philippine Long Distance Telephone Co. for an investment in the network likewise bogged down.
For now, Gozon said the company is focused on growing the business so the company can fetch a higher price.
The broadcaster expects to end the year with more than P2 billion net income amid higher television ratings in National Urban TV Audience Measurement and revenues from political ads with national elections being held next year.
GMA’s net income reached P1.8 billion in the first nine months.
The company’s full-year 2014 net income reached P1.010 billion last year.
Gozon said the company is also working on rolling out its digital strategy to be competitive.
Rival ABS-CBN Corp. is ahead on the switch to digital TV as it has launched the ABS-CBN TVplus digital box which delivers clear picture and sound comparable to seeing a movie on DVD (digital versatile disc), earlier this year.