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Subject: Now showing: Family feud on GMA Network Author: Victor Agustin/ Inquirer News Service [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 15:53:51 05/31/05 Tue In reply to: Victor Agustin/ Inquirer News Service 's message, "The Gozon-Jimenez talkfest ( GMA-7)" on 15:52:07 05/31/05 Tue " Now showing: Family feud on GMA Network " Mar. 09, 2005 /Victor Agustin/ Inquirer News Service UNRESOLVED boardroom issues between the related Gozon and Jimenez families, which could lead to another management shakeup, has prompted GMA Network Inc. to postpone indefinitely its already delayed initial public offering (IPO) of stock. "The majority owners of the network wanted to give the public the chance to become shareholders of a company which engages in public service, through the IPO, without losing management control of the company," GMA Network said in a statement. The putative P9-billion IPO offering would be on hold "until certain issues between the majority and minority shareholders are satisfactorily resolved." Despite the corporate tone of the statement, only three individuals actually control the country's leading television network: chairman/president/CEO Felipe Gozon with his 30 percent, his brother-in-law Menardo Jimenez whom he ousted in December 2000 with another 30 percent, and former Rep. Gilberto Duavit, controlling the swing 35 percent block. As late as September 2004, when GMA Network was on a pre-IPO publicity blitz, Gozon sounded confident that he would retain control of the network despite a plan for each bloc to divest proportionately; after all, it was on Gozon's watch that GMA Network's fortunes rose to overtake the erstwhile No. 1 moneymaker, ABS-CBN Broadcasting Corp. GMA Network, Gozon said at that time, was planning to offer about 20-30 percent of its stock, both locally and through American depository receipts. "We will have at least 50+1 percent stake (post-IPO)," Gozon was quoted as saying. "I will not lose control of the company." "If I were Nards Jimenez, I'd be very happy and ecstatic, because the market value of the whole company and his stocks have now doubled under my administration," he added. Though he has kept himself inaccessible to the media, Jimenez has been heard complaining to his close friends about his sudden fall from grace. To keep himself from moping after his ouster, Jimenez joined ABC Channel 5 owner Antonio Cojuangco Jr. and former internal revenue commissioner Dakila Fonacier to establish a network of theater-anchored strip malls in select areas nationwide. That venture has yet to meet shareholder expectations. Although he has resigned from the GMA Network board, Jimenez, who is married to a sister of Gozon's, still wants to push through with the IPO, but apparently under certain conditions. According to the grapevine, the two Jimenez children in the board, Laura Jimenez-Westfall and Joel Marcelo Jimenez, submitted a list of shareholder demands at the last board meeting, prompting their chairman-uncle, who was said to have been surprised by the last-minute change of mind, to suspend the listing indefinitely. [Editor's note: INQ7.net is a joint venture of the Philippine Daily Inquirer and GMA Network Inc.] >=================================== > > > >Interesting.. > >;) [ Next Thread | Previous Thread | Next Message | Previous Message ]

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[> [> Subject: GMA Network postpones IPO indefinitely Author: GMA-7 news on-line [Edit] Date Posted: 15:54:56 05/31/05 Tue GMA Network postpones IPO indefinitely Posted: 3:32 PM | Mar. 08, 2005 Get INQ7 business breaking news on your Smart mobile phone in the Philippines. Send EXTRA BUSINESS to 386. (UPDATE) GMA Network Inc. said it has postponed indefinitely its initial public offering (IPO), previously scheduled for the second quarter of this year, until certain issues between the majority and minority shareholders are satisfactorily resolved. "The network will try to work out a solution that will be in the best interest of the company," the broadcasting company said in a statement, without elaborating. GMA earlier appointed Deutsche Bank and ATR-Kim Eng Securities as joint lead underwriters for the IPO involving as much as 30 percent of its shares, from which it expects to generate about 9 billion pesos. "The majority owners of the network wanted to give the public the chance to become shareholders of a company which engages in public service, through the IPO, without losing management control of the company," GMA Network said. GMA said it has implemented its planned expansion projects ahead of the IPO, including the launching of its international channel in the US and other territories, the upgrading of its transmitter and other facilities in key cities in the provinces, and the preparations in line with its co-production and blocktime agreement with Channel 11. The company said it has also completed its 180.2 million-peso broadcast automation systems project in January, which will service both local and international broadcast requirements of GMA Network. GMA said it would also build two studios within its compound that would house more programs including variety shows. GMA Network is a parent company of INQ7.net. (1 usd = 54.7 pesos) >>=================================== >> >> >> >>Interesting.. >> >>;) [ Post a Reply to This Message ]