The mega-negotiation between GMA Network and TV5's MediaQuest Holdings, Inc. reached a dead end. The PLDT group led by Manuel V. Pangilinan will not be acquiring the Kapuso Network.
Pangilinan's camp and GMA-7 (Gozon, Duavit and Jimenez-led/stock holders) failed to reached a convincing settlement for the acquisition plus some unresolved issues.
Both parties issued a joint statement about the termination of the negotiation.
MediaQuest Holdings Inc. (Mediaquest) and the major shareholders of GMA Network, Inc. (GMA) have announced the termination of recent discussions with respect to a possible acquisition of a controlling interest in GMA by Mediaquest and its affiliate within the PLDT Group. The parties have been unable to arrive at mutually acceptable terms despite the continual discussions and efforts exerted in good faith.
“The issues that the parties were not able to resolve had nothing to do with the price. If there is a serious offer in the future, then we are willing to consider," GMA Network Chairman and CEO Atty. Felipe L. Gozon said.MediaQuest is owned by PLDT's retirement fund.