MANILA, June 24 (Reuters) - Philippine broadcasting firm GMA Network Inc said on Tuesday its major shareholders have agreed to sell a minority stake in the company to Ramon Ang, president of the country’s most diversified conglomerate, San Miguel Corp.
The parties are still discussing the final terms and conditions of the stake sale involving a “participating minority equity interest”, GMA said in a filing to the stock exchange. The broadcaster, whose biggest shareholders are three families with no other major business interests, gave no other details.
Local media reported in May that Ang, also a key shareholder in San Miguel, was close to sealing a deal to buy into GMA, the main rival of local broadcasting giant ABS-CBN Corp.
Philippine Long Distance Telephone Co, the country’s biggest listed conglomerate by market value, which owns TV 5 network, was the first to make an offer to buy into GMA but talks failed.
San Miguel’s Ang had offered to acquire at least a 30 percent stake from the majority shareholders of GMA at 10.80 pesos a share, the Philippine Daily Inquirer newspaper reported in January, citing two unnamed people with knowledge of the matter.
Shares of GMA, which closed at 7.41 pesos on Monday, have fallen 9.6 percent so far this year.
Reporting by Erik dela Cruz; Editing by Kenneth Maxwell