Media giant GMA Network, Inc. is said to earmark $20 million in order to complete the second phase of the company’s efforts to digitize its operations.
The converted money is over a billion-peso which is believed to boost production, post-production, content management and distribution capabilities of the broadcasting network.
GMA Network plans to upgrade its facilities in order to deliver full 4K HD while utilizing and enhancing digital terrestrial transmitters to enable its services to be viewed on digital-enabled TV sets and set-top boxes in areas such as Mega Manila, North Central Luzon, Cebu and Davao.
Post-production is equally improved with increased storage and color grading capabilities whereas New Automation System (NAS) is being implemented to advance its speed in news and information delivery through their eight shows: Unang Hirit, 24 Oras, 24 Oras Weekend, Saksi, News To Go, Balitanghali, Quick Response Team, and State of the Nation with Jessica Soho.
GMA Network chairman and chief executive officer Felipe L. Gozon said that, “All these state-of-the-art upgrades are part of GMA Network’s ongoing digitization project to bring world class programming to our viewers here and abroad.
“We are excited to unveil more innovative offerings that will not only maintain our position as the country’s leading broadcast network but will also revolutionize the TV viewing experience in the Philippines,” he added.
GMA Network’s CEO Felipe L. Gozon finally released a statement regarding the charges filed against him and other GMA executives by business tycoon and San Miguel Corporation (SMC) President Ramon Ang.
In an official statement released through GMA News on August 5, 2015, Gozon said his group has the right to keep the one billion peso downpayment paid by Ang for “damages” which resulted from the failed negotiation.
In the 17-point statement, Gozon explained the transaction was closed as both parties agreed upon the bases of retention stated in the Term Sheet which they both signed.
The statement also indicated points explaining that Gozon and his party did not defraud Ang as the latter “freely signed the Term Sheet, and negotiated each and every provision in the Share Purchase Agreement.” It also stated that the Shareholder’s Agreement had “long been agreed upon by parties.”
On a final note, the statement reiterated that Gozon and his group had a valid reason for keeping the one billion downpayment made by Ang. Gozon said in his statement, “The Php 1B is intact and has not been used. The Gozon Group has the right to retain it to answer for its claims for damages against Mr. Ang among others for opportunity loss, pursuant to law and the Term Sheet, as Mr. Ang prevented the Transaction from conclusion and closing, by his unilateral decision not to proceed with the Transaction and his imposition of new conditions after the purchase contract was perfected on March 21, 2015. As there is a valid and just reason for the retention of the Downpayment, there is no estafa.”
As of writing, Gozon has not yet received Ang’s complaints of estafa and syndicated estafa in writing.
Featured Photo Credit: The Richest