GMA Network led by bilyonaryo Felipe Gozon is currently in the process of liquidating three wholly-owned subsidiaries.
According to its most recent quarterly financial statement, GMA is closing two entertainment units – GMA Worldwide (Philippines), Inc. and Scenarios, Inc. – and one advertising unit – GMA Marketing & Productions, Inc. GMA has not provided any explanation for the decision to wind up these businesses.
Documents gathered from the Securities and Exchange Commission reveal that GMA Worldwide, which was formed in 1996, ceased its operations in 2019.
Gozon initially planned to retain GMA Worldwide as a dormant entity as management searched for new business opportunities. But with the COVID outbreak, Gozon decided to proceed with the dissolution of the company.
GMA Worldwide handled the network’s international marketing and foreign program purchases and international syndication of its drama and entertainment programs.
Scenarios, which handled GMA’s design, construction, and maintenance of sets for TV, stage plays, and concerts, ceased operations in 2012 after 16 years in operation. The SEC had already approved a reduction in Scenarios’ corporate lifespan to 26 years, ending in July 2022.
GMA Marketing & Productions served as the exclusive marketing and sales arm for the network’s airtime, events management, sales implementation, traffic services, and monitoring.
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