TV5 and GMA7 merger, No more

After being a buzz for months for the possible merger of 2 of the biggest TV networks in the country, TV5 and GMA7’s most anticipated merging will no longer push through.

This is after TV5’s Manuel V. Pangilinan, the man behind MediaQuest Holdings Inc. (an investor to PLDT’s Retirement fund) failed to acquire GMA7 again. In a dis-closure to the Philippine Stocks Exchange, GMA7 said the discussion with MediaQuest Holdings has been terminated without getting into a mutual agreement.

“The parties have been unable to arrive at mutually acceptable terms despite continual discussions and efforts exerted in good faith,” GMA said.

GMA7 CEO Atty. Felipe L. Gozun denied that the reason for falling out of the talks was about the price. He also declined to comment on the specifics of the deal and the intricacies of MVP’s offer.

This was the second time that Pangilinan tried to acquire the network and failed again. It was in 2000 that the first discussions went through and also failed.

Source:
ABS-CBNnews.com

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