GMA Network and the Kapatid firm MediaQuest Holdings, Inc. terminate discussions to aquire the Kapuso Network.

Here is the official statement of both parties sent via email to Starmometer:

MediaQuest Holdings Inc. (Mediaquest) and the major shareholders of GMA Network, Inc. (GMA) have announced the termination of recent discussions with respect to a possible acquisition of a controlling interest in GMA by Mediaquest and its affiliate within the PLDT Group. The parties have been unable to arrive at mutually acceptable terms despite the continual discussions and efforts exerted in good faith.

MediaQuest is owned by PLDT’s retirement fund.

Further to the statement that was issued earlier, here’s a quote from GMA Network Chairman and CEO Atty. Felipe L. Gozon:

“The issues that the parties were not able to resolve had nothing to do with the price.”

“If there is a serious offer in the future, then we are willing to consider.”