Filipino TV network eyes tech startup investments via new holding firm

Philippine media giant GMA Network is expanding its investments with the launch of a holding company.

Called GMA Ventures Inc (GVI), the wholly owned unit will fund tech startups and expanding industries and back local and overseas opportunities, the network said in a statement. GMA Network’s investors earlier pumped 25 million pesos (US$496,000) into GVI.

Photo credit: GMA Network

GMA Network achieved dominance over free television after the broadcast franchise renewal of its archrival ABS-CBN was blocked by the Philippine government in 2020. It now wants to stay on top by turning into a major conglomerate through GVI’s investments.

In addition to backing startups, the new vehicle will also engage in mergers and acquisitions, strategic partnerships, and fund investments, within or outside the Philippines.

“We are actively looking for ways to diversify the company’s portfolio by investing in sustainable businesses and, ultimately, providing the best returns to our shareholders in the years to come,” said Felipe Gozon, who serves chairman and CEO for both GMA Network and GVI.

Gozon will lead the new fund alongside GVI president and chief operating officer Regie Bautista, who is also GMA’s senior vice president for corporate strategic planning and business development, chief risk officer, and head for program support. Gilberto Duavit, the network’s president and chief operating officer, joins GVI as vice chairman.