PLDT still open to reviving talks with GMA Network

PLDT, Inc. President and Chief Executive Officer Manuel V. Pangilinan remains open to the possibility of reviving talks with GMA Network, Inc.’s major shareholders on the acquisition of a controlling stake in the media company.

But Mr. Pangilinan, whose TV and print media interests are lumped under MediaQuest Holdings, Inc. — a subsidiary of the Beneficial Trust Fund of PLDT — said there are currently “no discussions yet” for such a deal.

“We’re always open naman di ba,” Mr. Pangilinan told reporters in chance interview late last week when asked if the group is still keen on pursuing the GMA deal even after talks collapsed several times in the past.

“[Currently], hindi pa. yet,” he added.

In April, GMA Network Chairman and CEO Felipe L. Gozon told a media briefing that they are still open to talking with possible investors.

“I am not the one revising [plans to sell the company]. The buyers are the one trying to revise it... As of now, we are not talking, but we are going to talk. ’ Yung interest [to buy] hindi nagbabago, it’s the problems they encounter, No discussion maaaring nawala na. Pero ’yung interest, matindi pa rin,” Mr. Gozon said on May 15.

While they remain open to investors, Mr. Gozon emphasized “the offer has to be acceptable to us.”

Last December, the GMA chairman said his camp, along with the Duavit and Jimenez groups — which collectively own roughly 80% of the broadcast firm — are ready to entertain prospective buyers and sell their combined shares in the company “if the price is right.”

Asked last May how many entities GMA is currently talking with, Mr. Gozon said: “More than one.”

Late last year, Mr. Pangilinan signaled renewed interest in reopening talks with GMA, after the broadcaster announced it is willing to sell by this year.

“Actually, we don’t know yet. We intend to focus on looking at our 2017, 2018, 2019 numbers. Anyway, if there are any discussions, this will be 2017 already,” Mr. Pangilinan said at that time. “We’re always open. A lot of it depends really on how our numbers would look like for 2017.”

GMA’s major shareholders have decided to entertain the prospect of divesting all their shares in the company because “matatanda na kami (we are getting old),” Mr. Gozon earlier said, adding that most of them have ventured into other businesses.

Unaudited financial and operating results showed PLDT’s consolidated net income drop by a fifth to P4.969 billion in the first three months of 2017, from P6.233 billion a year ago, with profit that went to its equity holders similarly falling by a fifth to P4.951 billion.

Consolidated service revenues were at P37.701 billion, seven percent less than a year ago but just two percent lower than in 2016’s fourth quarter.

“...[ A] s the quarter- on- quarter results in service revenues, EBITDA and core income suggest, we are leveling off from our descent path and are at the threshold of returning to the growth track in the second half of the year,” PLDT’s Mr. Pangilinan earlier said.

Hastings Holdings, a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. —