GMA 7 Merging with TV 5?
Speculations and rumors refuse to die that before the year is over two of the top 3 networks in the Philippines will be merging into one — GMA 7 owned by the Gozons and TV 5 owned by Manny Pangilinan who also owns (or at the very least, controls) Smart Communications, the Philippine Long Distance Telephone company and all its affiliate brands and subsidiaries.
Time and again Atty. Felipe Gozon, the CEO for GMA 7, has denied that talks are under way to sell the network to the Pangilinan Group, saying, ‘Well, as I said, we are not selling. No, it’s true. I’ve been very consistent that we are not selling.’
However, in the latest PLDT stockholders meeting on June 14, TV 5’s Manny Pangilinan made the candid remark that the deal to merge or buyout GMA 7 is worth ‘below 100 billion’.
Pangilinan added that, “There’s desire on both parties to come to terms… We are in discussions with GMA-7… Nothing has been finalized… Discussions are moving positively… To come to terms, many issues to be discussed.”
So, what is TV 5 buying for below 100 billion pesos if GMA 7 is not being sold?