The 3 families controlling the GMA Network, the Duavits, Gozons, and Jimenezes would reportedly sell the network for at least 60 billion pesos.
This after business tycoon Manny V. Pangilinan (MVP) sought to purchase the said network for 45 billion pesos.
The 60 billion is almost double the broadcast company’s value as its shares during the close of trading on Monday valued it at 31.929 billion pesos.
“Sobrang mahal yun,” was Pangilinan’s reaction to GMA Network’s price. MVP owns ABC/TV5 network, Cignal Digital TV, and Smart Communications.
Meanwhile, GMA Network president and chief operating officer Gilberto Duavit Jr., said that they are not in serious negotiations with the PLDT group as they have yet to receive an offer price that is acceptable to them.
“The Network is not for sale but that is not to say it may not be sold, depending on the offer price,” Duavit added.