GMA Network, Inc.'s Board Approved Conversion of its Advances Into Equity

In a PSE disclosure, GMA Network, Inc., in its Board of Directors’ meeting held on October 24, 2024, approved the conversion of its advances into equity with its wholly-owned subsidiary, GMA Network Films, Inc. (GNFI), in the amount of P18.75 million. The increase in the paid-up capital of GNFI is aligned with its current and forthcoming project requirements as the company aggressively returns to film production after several years of hiatus.

GMA Network, Inc. (GMA7) was incorporated on June 14, 1950 as a free-to-air broadcasting company principally engaged in television and radio broadcasting, the production of programs for domestic and international audiences, and other related businesses.

GMA7's subsidiaries and affiliates are involved in media-related services such as movie making, sets and props construction, film syndication, music and video recording, new media, online gaming post production services and marketing, which complement the Company's core television and radio broadcasting business.

The Company's subsidiaries are GMA New Media, Inc.; Citynet Network Marketing and Productions, Inc.; GMA Network Films, Inc.; GMA Worldwide (Philippines), Inc.; GMA Productions, Inc. (GMA Music); Scenarios, Inc.; Alta Productions Group, Inc.; GMA Marketing & Productions, Inc.; and GMA Ventures, Inc.