Ramon Ang confirms talks with Felipe Gozon for stake in GMA Network


San Miguel Corp. President Ramon Ang. Photo by Edwin Tuyay/Bloomberg

San Miguel Corp. president and Philippine Airlines chief executive Ramon Ang is seeking to acquire a stake in GMA Network, the broadcast firm's chairman Felipe Gozon confirmed.

Gozon, at a briefing Monday (May 5) on the first quarter results, however, declined to disclose further details, saying the 'discussions are covered by confidentiality agreements' with Ang.

Ang, who has been in discussions with Gozon since January, also confirmed he is considering buying a stake in the company in his personal capacity.

Gozon expressed confidence about talks with Ang even as he said, "I don’t really know why Mr. Ang is very, very interested in buying into GMA.”

Ang has also reportedly bought a stake in Solar Entertainment Incorporated of businessman Wilson Tieng.

Ang's move came after GMA Network's failed negotiations with telecommunications mogul Manuel V. Pangilinan. Pangilinan, also the chairman of TV5, had said he has lost interest in acquiring a stake in the country's second largest broadcasting network.

Last March, the Philippine Long Distance Telephone Company (PLDT) chairman  said the offer to buy a 34-percent stake in GMA Network lapsed in February and was not extended.

GMA Network on Monday reported its net income plunged 46 percent to P325 million in the first quarter of 2014, from P601 million a year ago. - with report from GMA news

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