GMA-TV5 talks collapse

MANILA, Philippines - As The STAR reported in a scoop in early August, the negotiations between GMA 7 and TV5 were hitting a snag due to ‘unforseen circumstances,’ which the source didn’t elaborate on. The latest word on the abortive protracted talks confirmed that scoop.

Yesterday, MediaQuest Holdings, Inc. (Mediaquest) and the major shareholders of GMA Network, Inc. (GMA) announced the termination of recent discussions with respect to a possible acquisition of a controlling interest in GMA by Mediaquest and its affiliate within the PLDT Group. The parties have been unable to arrive at mutually acceptable terms despite the continual discussions and efforts exerted in good faith.

Owned by PLDT’s retirement fund, Mediaquest runs TV5.

GMA Network chairman and CEO lawyer Felipe Gozon in a statement said: ‘The issues that the parties were not able to resolve had nothing to do with the price. If there is a serious offer in the future, then we are willing to consider.’