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MANILA - PLDT chairman Manuel V. Pangilinan on Thursday said funds are in place to finance a possible investment in GMA Network Inc., but completing the transaction is beyond the control of the two parties.
Felipe Gozon, GMA7 chairman and chief executive officer, last month said a deal with the PLDT group can either push through by the end of the year or be terminated.
"We have an appreciation of that deadline. We agree that it's beyond our control, the approvals process as you know...We could agree but if somebody else approves the transaction, it's beyond our control," Pangilinan said.
"From our standpoint - I'm sure from his standpoint - we want it done as quickly as we can ," he said, referring to Gozon.
When asked if funds are ready to bankroll the investment, Pangilinan said, "Of course."
He earlier said the PLDT group may use unit MediaQuest Holdings as the corporate vehicle for the GMA7 investment, which may be completed within the year.
Sources told InterAksyon.com that the PLDT group is in talks with banks for a loan that can help finance the GMA 7 investment. InterAksyon.com is the online news portal of TV5, which is owned by MediaQuest.
Pangilinan had said it was necessary for the PLDT group to invest in GMA7 because the telco needs content that would come from the media space.
In March 2011, PLDT reached a deal with the Gokongwei group to purchase 51.5 percent of Digital Telecommunications Philippines Inc., but the approval of the National Telecommunications Commission only came seven months later.
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