GMA has been on the selling block for several months now. Several names crop up, such as Manny V. Pangilinan, owner of PLDT, Smart and TV5, and Ramon S. Ang, lead executive of San Miguel Corporation and shareholder of Philippine Airlines and Solar Entertainment. However, no one mentions Henry Sy of SM Group and his deep pockets.
For some reason, I looked forward to SM acquiring GMA. Why? Because Henry Sy is the richest man in the Philippines, and SM is an emerging conglomerate. SM, best known for its malls, has stepped up financially by building the Mall of Asia Arena and various high-rise condominiums, along with acquiring a stake in National University and revitalizing its athletics and educational program. By purchasing GMA from Felipe Gozon and Gilberto Duavit, SM should help rebuild a slumping broadcast giant, which is already suffering due to poor ratings, critically panned programming choices, and declining revenue.
Both ABS-CBN and TV5 are owned by conglomerates, and because of that, they are able to expand beyond the usual entertainment fare. In order to be at par with the other two networks, GMA needs a bigger company to thrive, and SM Group should be a good fit. But for now, it’s only a dream.