GMA NETWORK, Inc. has allocated more than P20 billion for capital expenditures (capex) and content cost in 2021 until 2023, it said on Wednesday.
In an e-mailed statement, the listed media company said the three-year capex budget covers the construction of a new building in Quezon City, continuing expansion of its digital terrestrial television reach, and several regional projects.
A “huge portion” of the budget is allocated for content production and post-production, it added.
GMA Network also said it plans to launch “early this year” a mobile digital TV receiver.
The product will enable viewers to watch TV “on the go for free with bonus interactive features,” it said.
The media giant had set aside a capex of P1.22 billion last year. In July, GMA Network Chairman and Chief Executive Officer Felipe L. Gozon said the network would defer 30% of its capex budget for the year due to the coronavirus pandemic.
The company saw its attributable net income for the third quarter of 2020 jump 199.62% to P2.49 billion from the previous year’s P832.64 million.
The network’s third quarter revenues grew 37.20% to P5.91 billion.
GMA Network currently offers a variety of content through its digital channels aside from its programs on GMA-7 and GMA News TV.
“Further diversifying its programming, GMA is the new home of the National Collegiate Athletic Association (NCAA) for Season 96 to 101 — including the centennial year of the Philippines’ first athletic league in 2024,” the network also said.
GMA Network shares on Wednesday closed 2.18% lower at P5.82 apiece. — Arjay L. Balinbin