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 purchase amount will...

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