GMA-7 open to investors

  • Page Views 2010
  • The chairman of GMA Network Inc. is open to revive talks for the sale of a majority stake in the broadcast network.

    “I am not the one reviving. The buyers are the one trying to revive. As of now we are not talking, but we are going to talk,” GMA Network chairman and chief executive Felipe Gozon said.

    “We are open anytime, but the offer must be acceptable to us,” he said.

    Gozon said the owners were talking to the same interested potential investor.

    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.

    Talks with the group of Philippine Long Distance Telephone Co. also fell through over price and regulatory issues.

    The broadcast firm posted a net income of P842 million in the first quarter, down by 17 percent from last year’s P1.01 billon.

    Revenues, minus political advertisements, increased 15 percent to P3.76 billion from P3.26 billion last year.  Including political ads, revenues in the period fell 4 percent.

    Political ads contributed P640 million to the company’s top time in the first quarter last year.

    “Even without political ads, we are tracking a stronger year financially and we expect to achieve our growth targets in 2017,” Gozon said.

    Gozon said the company’s profit guidance for the year was over P3.9 billion.  Last year, the network posted a net income of P3.65 billion, up from P2.13 billion in 2015. (D. Amojelar, MS)

     

    Share

    New Posts Recently publish post More

    • 25 February 2021
      3 days ago No comment

      Pacquiao in jabbing distance of 2022 presidency

      A new poll shows that Filipino boxing icon Emmanuel “Manny” D. Pacquiao has a fighting chance to become the next President of the Philippines. Results of an independent and non-commissioned survey indicate that Pacquiao, currently a Senator, is one of top three choices for president. Pacquiao is also in ...

    • 23 February 2021
      5 days ago No comment

      Air Supply says Iñigo and Moophs’ ‘All Out of Love’ remake has ‘great production, great sound’

      International rock duo Air Supply, composed of Graham Russell and Russell Hitchcock, hailed Iñigo Pascual and Moophs’ remake of their classic hit “All Out of Love” for its “great production and sound.” Iñigo sang parts of the song during Tarsier Records’ “All Out of Love” virtual media conference and ...

    • 20 February 2021
      1 week ago No comment

      U.K., California variants combine for first case of hybrid COVID-19

      Media organizations reported Wednesday (February 17) that the homegrown COVID-19 variant sweeping California has combined with the highly-contagious UK variant. The result is yet another mutation, a hybrid virus. This has started to spark fears that the new resulting virus will be more contagious. A sample from California showed ...

    • 12 February 2021
      2 weeks ago No comment

      Gold and Diamonds Rotary Charity Night

      Feb 13th 4 – 7pm Just in time for Valentines Day Refreshment & Food will be served (or Tequila) up to 70% off for Special VIP & Invited Guests One Year Financing – No Interest 25% of profit goes to RCVM Treasury for future projects. Arctic Fame Diamonds 942 ...

    • 12 February 2021
      2 weeks ago No comment

      Erin O’Toole announces Shadow Cabinet updates

      OTTAWA, ON – The Hon. Erin O’Toole, Leader of Canada’s Conservatives and the Official Opposition, today announced updates to the Conservative Shadow Cabinet. “Canadians are worried about their economic future,” O’Toole said. “Canadians have seen what happened when the Liberal government was in charge of getting vaccines, can we ...

    %d bloggers like this: