Ang to take 30% shareholding in GMA Network
Rebecca Hawkes
| 25 June 2014
Ramon Ang, the president of San Miguel Corp, is to buy a 30% stake in Philippines TV network GMA in a deal worth around P15.3 billion (US$349 million).

The deal will make Ang the largest single shareholder in GMA Network, which counts as its controlling shareholders a triumvirate of three families: Gozon, Duavit and Jimenez.

"We're excited about it because we're purely a broadcasting company at the moment," Felipe Yalong, chief finance officer, GMA 7 told "It will bring us to next level of competition," he added.

The news follows the failure of earlier talks between GMA Network and the Philippine Long Distance Telephone Company, owner of the country's TV 5 network among other assets.

Television accounted for about 78% of the P340 billion Philippines advertising market in 2013, according to Kantar Media.