GMA sells shares to San Miguel president

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MANILA — Following several months of negotiations between the two companies, a minority stake was sold by broadcasting firm GMA Network to San Miguel Corp. president Ramon Ang.

GMA Network chief executive Felipe Gozon earlier said that he has no idea why Ang is “very, very interested in buying into GMA.”

“We are talking. I cannot disclose any details because as I said our discussions are covered by a confidentiality agreement,” Gozon said.

After the network’s failed negotiations with Manuel Pangilinan, also the chairman of the TV5, Ang was reported to have made his move in acquiring shares from GMA.

Pangilinan was earlier reported to have lost his interest in acquiring a stake in GMA network. A report which was also confirmed by Gozon.

Meanwhile, the final share of terms and conditions of the share purchase have yet to be decided, according to the Philippine Stock Exchange’s disclosure.

“An appropriate disclosure shall be made upon execution of the relevant definitive agreements by the parties for the transaction,” the disclosure noted.

Ang also was earlier reported to have bought some shares in Solar Entertainment Inc. which is owned by businessman Wilson Tieng.