After rumors and long negotiations between the "merger" of GMA Network and the PLDT Group's Associated Broadcasting Company (TV5), the two parties have decided not to continue with the deal.
The purported buyout of Mediaquest Holdings, Inc., an affiliate of the PLDT Group, have been terminated, said stock exchange's publicly listed GMA Network Inc.
"The parties have been unable to arrive at mutually acceptable terms despite continual discussions and efforts exerted in good faith," GMA said.
Manny Pangilinan, chairman of the PLDT Group and owner of TV5 network, has earlier offered to acquire GMA Network for an estimated P50-P60 billion. PLDT nor GMA have confirmed these amounts officially.
In the early 2000s, Pangilinan also tried to buy GMA-7 but discussions fell apart.