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MVP Reportedly Gives Up On Buying GMA-7

Many insiders have been swearing that the possible acquisition of GMA Network by PLDT-led group of Manny V. Panglinan (MVP) is already a done deal. But more observers are questioning why until now there is still no announcement about the transaction. It turns out that the possibility of a buyout of the Kapuso network by MVP would never materialize.

According to well-placed sources, MVP’s camp has finally decided to give up on buying GMA-7. That is because the popular businessman has already gotten fed up with the long and tedious negotiations. It also did not help that GMA-7 president Atty. Felipe Gozon remains elusive as to the prospects of him giving up his majority stake in the Kapuso network.

MVP’s interest on GMA-7

It can be recalled that talks about the possible buyout of the network by MVP started in 2012, when the latter’s camp or people from TV5 started shouting out the news about the big possibility of TV5 taking over GMA-7. Initial speculations emerged that before the end of 2012, the deal would be completed.

In 2013, talks about that possibility did not wane. Some sources even swore that before the end of 2013, the deal would finally take place. But again, that did not happen. All that GMA-7 has been admitting is that some of its executives are really sitting down in negotiations with MVP’s camp.

But they don’t confirm or deny speculations that GMA-7 would be sold. Atty. Gozon was once even quoted as saying that the network is not for sale, but if a buyer would come to acquire it for Php 500 billion, he would really sign up immediately.

San Miguel Corp comes in

However, there is a new angle to this story. Some sources claim that GMA-7 does not have the intention to give in to MVP’s offer because it is currently negotiating with two other possible buyers, which reportedly are offering much higher bids compared to MVP’s bid.

There are even reports that a buyout by tycoon Ramon Ang is already a done deal. Mr. Ang is the president and CEO of San Miguel Corporation and Philippine Airlines. Sources said that the acquisition is still in process but the two camps have already reached an agreement. They even advised observers to watch out in the coming days because GMA-7 is set to make an official statement about this deal.

How can this possibly affect the network’s performance? Let’s watch out.

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MVP Reportedly Gives Up on Buying GMA-7

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