GMA Network said there is no truth to the rumors that it has been acquired by Manny Pangilinan and his media conglomerate, MediaQuest Holdings.
In a statement sent to Yahoo! Philippines OMG! and other media outlets, GMA Network said: “There is no truth to the rumor going around in social media sites and the Internet that Mr. Manny Pangilinan has bought GMA Network.”
“In fact, there is no negotiation going on between GMA and Mr. Pangilinan regarding the latter’s acquisition of GMA-7,” it further said.
Earlier this week, rumors surfaced that Pangilinan is trying to acquire the Kapuso network.
Pangilinan, who is known by his initials “MVP,” is the chairman of MediaQuest Holdings, which has controlling equity of TV5.
MediaQuest had tried but failed to acquire a controlling stake in GMA Network nearly 10 years ago.
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