MVP 'misquoted' on TV5-GMA merger: Espinosa
MANILA, Philippines (UPDATE) - Rumors of an impending merger between TV5 network and rival GMA Network were once again ignited on Monday.
A report by Philippine Star columnist Ricky Lo published on Monday indicated that the two networks have "merged" and will formally launch by the end of November.
Lo's report said business tycoon Manuel V. Pangilinan "virtually confirmed" the merger during a press conference in San Francisco, California on Saturday for the partnership between TV5 and Dish Network. Dish Network offers both TV5 and GMA Pinoy TV to US subscribers.
However, Ray C. Espinosa, TV5 President and CEO, said the report "misquoted" Pangilinan. He said no agreement has been made, although the interest in GMA Network remains.
"MVP was misquoted. He did not say there was already an agreement between TV5 and GMA7. The TV5-GMA7 bundled offering on the Dish Network is a marketing strategy of the Dish Network. This does not meat TV5 and GMA7 have already agreed to merge," Espinoza said, in a statement.
"There is no such thing as a Nov. deadline. We do not know where that came from. The interest in GMA7 remains but any transaction or deal would depend on a meeting of minds as to price and other essential matters," he added.
At the same time, TV5 host Arnel Ignacio posted on Twitter a photo of a text message he received from Pangilinan, who denied mentioning any merger with GMA Network.