What's in an acronym Quite a lot in the Philippines these days. Most of the recent headlines have been about the latest President, GMA Gloria Macapagal-Arroyo. Now here comes another GMA - a privately held TV company that is being bought by telecom company PLDT.
PLDT has signed an MOU to buy a 66.67% stake in GMA from the existing shareholders. The acquisition will be made by Mediaquest - a wholly-owned subsidiary of PLDT. The acquisition is being supported by a consortium of financial investors who will remain anonymous until a definitive sale and purchase agreement is signed.
At present, it is understood that at least half the purchase amount will...
