PLDT goes channel surfing

PLDT has signed an MOU to purchase a majority stake in GMA - owner of Channel 7 - the second largest TV station in the Philippines.

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...

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