^

New suitor? Ayala in talks with GMA Network

Louella Desiderio (The Philippine Star) - July 24, 2015 - 10:00am

MANILA, Philippines - Ayala Corp. is looking to enter into a partnership with media broadcasting company GMA Network Inc. to complement its telecommunications business.

Ayala Corp. chairman and chief executive officer Jaime Augusto Zobel de Ayala told reporters the group is in talks with broadcast firms as it is interested in opportunities to enhance its telecommunications business.

Asked if it is in talks with GMA, he said the group is always in discussions with all the players.

“We’re always looking for new opportunities on that front. The telecommunication business is changing. You’ve seen some of the arrangements that Globe has been reaching with entertainment companies. The lines are blurring. It’s an exciting new area that’s developing on that front,” he said.

The Ayala Group is involved in the telecommunication business through Globe Telecom Inc.

Earlier this week, Globe announced it is acquiring for P1.83 billion the entire stake of the Lopez Group in Bayan Telecommunications Inc. (Bayantel).

The deal will raise Globe’s ownership in Bayantel to 98.57 percent from 56.87 percent.

“This acquisition will allow Globe to fully unlock the intrinsic value of Bayan, as a duly enfranchised entity whose performance has been hindered by its significant debt loan. By potentially combining the assets and capabilities of Globe and Bayan via a broad range of collaborative efforts, this will enable both companies to become more competitive and help accelerate the completion of Bayan rehabilitation,” it said in a disclosure to the Philippine Stock Exchange yesterday.

ACIRC AYALA CORP AYALA GROUP BAYAN BAYAN TELECOMMUNICATIONS INC BAYANTEL GLOBE AND BAYAN GLOBE TELECOM INC JAIME AUGUSTO ZOBEL LOPEZ GROUP NETWORK INC
Philstar
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

FORGOT PASSWORD?
SIGN IN
or sign in with