The resuscitation of GMA Network has once again hit a roadblock.
It was announced Tuesday that talks between the said network and businessman Ramon S. Ang for the latter’s acquisition of a 30% share have been terminated. Responding to this sudden turn of events, Ang called the move surprising and unexpected, and promised to wait for any explanation by GMA regarding the situation at hand.
This was not the first time that talks between GMA and a potential investor have ended without any conclusive results. PLDT and TV5 chairman Manny V. Pangilinan have also entered talks to acquire a portion of GMA’s shares in 2001, 2004, 2012 and 2014, only to collapse in the end.
The latest development involving Ang and GMA marked the latest chapter in the decline and mismanagement of the network. Just recently, the Kapuso network have been involved in a pair of un-Kapuso-like decisions in relation to its business operations.
Late last year, 52 GMA employees were laid off while fighting for the regularization of their services, leading to a protest by the group known as ‘Talents Association of GMA’ (TAG). Claiming there were ‘unfair labor practices’, the group recently held a protest in front of the GMA headquarters in Timog Avenue.
Then in late April, GMA closed down four regional offices, canceled a pair of regional morning programs, and laid off at least 100 employees. The network claimed that they were merely streamlining its operations in order to increase ratings and revenue.
Coupled with still-declining ratings and programming quality, it is now clear why GMA is going nowhere. The lack of urgency to improve and expand the business is taking its toll on the network.
And it only made worse with its latest debacle involving Ramon S. Ang.
This is now a hopeless situation for Felipe Gozon, Gilberto Duavit and the rest of GMA management. Without any support from other investors, GMA is destined to become an afterthought in the media industry, something they cannot afford to happen.
They desperately need a new investor at this point. Perhaps a sit-down discussion with SM’s Henry Sy and family may help.