MANILA, Philippines–Businessman Ramon S. Ang said negotiations to acquire a minority stake in television broadcast firm GMA Network Inc. were complete and it was just a matter of time before the deal would be closed.
“In our case, [negotiations] are done,” Ang told reporters in an interview this week.
He said the major shareholders of GMA, who would be selling an estimated 30 percent stake, were placing the finishing touches on the transaction.
Ang, who earlier said he was buying the stake for P10.60 per share, said the price has already been “fixed” while declining to elaborate.
GMA is controlled by the Gozon, Duavit and Jimenez families. Its chair and CEO Felipe Gozon said last month that they expected to sign the deal with Ang by the “early part” of September.
Ang said he was just waiting for the go-signal from the major shareholders of GMA, which mainly competes with Lopez-led ABS-CBN Corp. for ratings dominance, before proceeding.
“It’s just for investment,” Ang added, when asked whether he would play an active role on GMA’s board. Ang is president of conglomerate San Miguel Corp. but he said the deal was being pursued in his personal capacity.
GMA shares were up 1.22 percent to P7.49 each on Wednesday.
The deal, meanwhile, signifies continued appetite for television assets, especially major players like GMA, which had drawn acquisition proposals from Philippine Long Distance Telephone Co. and the Ayala group in the past years.
GMA last month reported a 49-percent drop in net income during the first half of 2014 to P580 million due to the absence of election-related advertisements, which propped up earnings last year.
GMA, whose revenues were down 14 percent to P5.77 billion, was eyeing to at least match last year’s profit of P1.7 billion for 2014, Gozon had said.