MVP still open to bid for GMA

MANILA, Philippines - PLDT Inc. chairman, president and chief executive officer (CEO) Manuel V. Pangilinan is open to reviving his bid to invest in GMA Network Inc.

“We’re always open. A lot of it depends really on how our numbers would look like for 2017,” he told reporters yesterday, when asked if he is still interested in investing in GMA.

He said proceeding with an investment in GMA would depend on PLDT’s financial performance for the next year.

“I am quite optimistic 2017 will show an improvement from 2016,” he said.

PLDT is looking to establish a baseline position of normalized core income of P20 billion without exceptionals such as gains from asset sales as well as impact of subsidies for this year from which it could take off in the coming years.

In terms of Earnings, Before Interest, Tax, Depreciation and Amortization, the guidance is at P60 billion this year.

Pangilinan was previously in talks with GMA for an investment in the broadcast firm, but the discussions were concluded without any deal reached.

Last week, GMA chairman and CEO Felipe Gozon said the broadcaster is ready to entertain parties interested to invest in the company by next year.

He said the company would not just be open to let new investors come in for a minority interest, but up to a controlling stake as well, for the right price.

“We are willing to sell all,” Gozon said.

The Gozon, Jimenez and Duavit families control GMA through their combined 79 percent stake in the network.

Aside from Pangilinan, businessman Ramon Ang also expressed interest in investing in GMA.

Ang was looking to acquire a 34 percent stake in the media firm, but the transaction did not proceed.

Former Ilocos Sur governor Chavit Singson and boxing champ Manny Pacquiao have also offered to buy into the broadcast firm, but the investment did not push through.

Gozon said GMA should be considered attractive for investors given its latest financial and television (TV) ratings performance.

GMA expects 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, Gozon said net earnings are seen to reach around P3 billion.

GMA also claimed to have topped nationwide ratings in November based on data from Nielsen TV Audience Measurement.