San Miguel Corp. President buying GMA-7 stakes still pending

Ramon Ang (Photo courtesy of Marvin Germo)

MANILA – With minority stake sale matters already settled, it is now up to San Miguel Corp. President and COO Ramon Ang to decide whether he will pursue investing in GMA-7 or not.

GMA Network Inc. owners, however, expressed doubts on Ang buying stakes as his entry is still on a ‘wait-and-see stance.’

“As far as we are concerned, there is nothing more to negotiate. The ball is no longer in our court.

They [ Ang’s group] will decide,” GMA Network Chairman and CEO Felipe Gozon told reporters.

Gozon notes that other interested parties have already approached them for the pending stakes on sale.

“Since I am no longer sure [of Ang interest], it depends on the [other] suitor whether they would like to court us or not,” he added.

Gozon also clarifies that they have not been actively selling stakes in the beginning.

GMA Network is one of the Philippine’s top media networks, mainly competing with Lopez’s ABS-CBN and Pangilinan’s TV 5.