GMA deal with Ramon S. Ang terminated

SMC president Ramon S. Ang. FILE PHOTO

Talks for businessman Ramon S. Ang to acquire a 30-percent stake in GMA Network Inc., one of the country’s biggest television companies, have collapsed abruptly.

GMA said in a stock exchange filing that negotiations between its majority shareholders, led by the Duavit, Gozon and Jimenez families, and Ang are now “deemed terminated.” GMA did not specify any reason.

Ang, who is president of conglomerate San Miguel Corp. but is pursuing the deal in his personal capacity, said he was “surprised” by the development.

“I did not expect this. There was no indication they would do this in the middle of negotiations,” Ang said in a text message Tuesday. “I am consulting my lawyer and am waiting for an explanation.”

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Talks between Ang and GMA started as early as January last year, around the time that the broadcast firm was also being courted by an old-time suitor, Philippine Long Distance Telephone Co. (PLDT), led by businessman Manuel V. Pangilinan.

PLDT’s media arm already owns TV5, the country’s third-biggest television network, as well as various local newspapers, including a minority stake in the Philippine Daily Inquirer.

Ang said earlier that he was pursuing the acquisition of a stake in GMA, which mainly competes with rival ABS-CBN Corp. for television ratings, as a personal investment.