GMA Network to expand business portfolio with new venture arm

GMA Network Inc. on Wednesday unveiled plans to expand into new investments through its newly created wholly-owned subsidiary GMA Ventures Inc.

During the company's annual stockholders' meeting, company investors approved to put in P25 million into the new venture.

"We thought of putting up GMA Ventures to serve as our vehicle in investing in non-core or non-broadcasting business activities that may provide our company with additional revenues and profits," said Chairman and CEO Atty. Felipe Gozon.

"You can rest assured that we will evaluate the businesses into which this new corporation will go into as we have done in our other business activities and that whatever benefit the major stockholders will get will proportionately benefit the minority," he added.

As incorporator, GMA Network availed of 24,999,993 shares with a par value of P1 per share.

GMA's core business is involved in broadcasting primarily in television and radio broadcasting, along with the production of programs for domestic and international audiences and other related businesses.

Other subsidiaries of GMA Network include GMA New media Inc., Citynet Network Marketing and Productions Inc., GMA Network Films Inc., GMA Worldwide (Philippines) Inc., RGMA Marketing and Productions Inc., Scenarios Inc., Script2010 Inc., Alta Productions Group Inc., GMA Marketing & Productions Inc., and Digify Inc.

For the full-year 2020, GMA's net income surged to P6.00 billion from P2.639 billion in 2019.

Revenues for the 12-month period rose to P19.335 billion from P16.439 billion, while expenses grew to P6.847 billion from P6.325 billion.

GMA Network ended the first quarter with a 246% climb in net income to P2.018 billion from P583.42 million in the same quarter last year.

Revenues for the period jumped 55% to P5.457 billion from P3.531 billion, while operating expenses grew 5% to P2.837 billion from P2.691 billion.

Shares in GMA Network closed Wednesday at P8.94 apiece, down by 15 centavos or 1.65% from Tuesday's finish of P9.09.

GMA News Online is the official online news platform of the network. --KBK, GMA News