GMA Network Inc.’s principal shareholders, Television International Corporation (TIC) and M.A. Jimenez Enterprises Inc. (MAJEI), have approved a merger that will consolidate the two entities into a single corporation, with TIC as the surviving company.
The approvals were secured during separate board and stockholders’ meetings held Friday afternoon, according to a company disclosure. Documents for the merger will be submitted to the Securities and Exchange Commission (SEC) for approval.
The transaction marks a corporate restructuring involving two of the major shareholders of GMA, one of the Philippines’ leading broadcast networks. However, the announcement did not disclose the financial terms of the merger, the resulting ownership structure or a timetable for completion.
The consolidation remains subject to regulatory approval, meaning the merger is not yet final. TIC’s designation as the surviving corporation means it will continue as the legal entity following the merger, subject to the completion of the required process.
The development comes as media companies face intensifying competition from digital platforms and evolving audience habits. While the merger involves GMA’s principal shareholders, its implications for the broadcaster will depend on the final terms and any resulting changes to their corporate arrangements.
SEC approval is the next key milestone before the consolidation can proceed.
