4 October 2012

“The termination of the GMA acquisition initiative is not expected to adversely impact the PLDT Group’s strategy of evolving from a traditional telecommunications company into a multimedia service company,” said Manuel V. Pangilinan, Chairman of PLDT. 

“The PLDT Group continues to believe that owning, producing and providing content across multiple platforms is an important component of its blueprint for growth and as such, intends to pursue its media strategy by building on Mediaquest’s current investments in TV 5, the country's third largest free-to-air television network by audience share, and Cignal TV, the leading provider of direct-to-home satellite television services,” he added.

MediaQuest is owned by PLDT's retirement fund.