GMA up for sale again

MANILA, Philippines - GMA Network Inc. is open to giving up control of the broadcast firm to investors at the right price.

GMA chairman and chief executive officer Felipe Gozon told reporters the company is ready to entertain parties interested to invest in the broadcaster by next year.

He said the company would be willing to allow new investors to be part of the company not just for a minority interest, but even for a controlling stake, depending on the price.

 “We are willing to sell all,” he said, stressing the price would be the most important consideration.

GMA is controlled by the Gozon, Jimenez and Duavit families through the combined 79-percent stake in the network.

 “We are now old,” Gozon said when asked why the families are willing to let go of control of the company.

He revealed the three families would want to be able to focus on their other respective businesses.

Should a new investor gain control of GMA, Gozon said he could go back to law practice and work on his other businesses including coco water and virgin oil production, as well as cargo vessel operations.

GMA was earlier in talks with businessman Ramon Ang for the sale of a 34-percent stake in the network, but the parties did not proceed with the transaction.

Discussions held earlier with PLDT Inc. for an investment in the network likewise bogged down.

Given the financial performance and television ratings of GMA, the broadcast firm is considered ripe for investors to come in.

Gozon said GMA is expected to end the year with more than P3.5 billion net income.

While next year’s net profit may not be as high as this year’s, he said GMA is still expected to have around P3 billion worth of net earnings.

“We have a positive outlook (for next year). We’re number one. Our ratings keep going up,” he said.