Tuesday, December 27, 2011

News Update GMA: Mr. Pangilinan isn't buying GMA Network

Felipe L. Gozon, chairman and CEO of GMA Network Inc., on Tuesday debunked rumors that TV5 chairman Manuel V. Pangilinan is buying GMA Network. “There is no truth to the rumor that is circulating that MVP has bought GMA 7. In fact, there are no negotiations going on between GMA 7 and MVP for the latter's purchase of GMA 7,” said Gozon. GMA Network also issued a statement to both the Securities and Exchange Commission and the Philippine Stock Exchange, saying it is not true that Pangilinan offered to buy GMA for P500 billion. — With Amanda Lago/VS,