GMA Network for Sale at P100 Billion says Gozon

Is this the downfall of the Global Media Arts (GMA) Network? Why are they selling the network which was one of the top networks in the Philippines?

GMA Network chairman and CEO Felipe Gozon stated, “I will sell for P100 billion, and this includes the 23 percent held by the public. At P100 billion, I will sign with my eyes closed”.

According to Gozon, there are more than one companies that offered to buy GMA network, one of them is Manny Pangilinan’s TV5, which is also a rival station of GMA.

But for now, Gozon stated they have not received an acceptable offer yet, he also stated, “If we receive an acceptable offer, then we will sell our entire stake in the company”.

The remaining 77-percent stake which was not held by the public is owned by Gozon, the Duavits and the Jimenezes.

Source:

http://ph.news.yahoo.com/gma-network-sale-p100-billion-gozon-173428140.html