GMA NETWORK, Inc. has committed more than P20 billion to capital expenditure (capex) and content costs for the duration 2021 to 2023, said Wednesday.
In an e-mailed statement, the media company stated that the three-year capex budget includes the development of a new building in Quezon City, the continued growth of its digital terrestrial television network and several regional ventures.
A substantial part of the expenditure is devoted to material creation and post-production, she said.
GMA Network has announced that it intends to introduce a mobile digital TV receiver “early this year.”
The product would encourage audiences to watch TV “on the go for free with immersive bonus features,” it said.
Last year, the media company set aside a capex of P1.22 billion. In July, GMA Network Chairman and Chief Executive Officer Felipe L. Gozon said that the network must delay 30 per cent of its capex spending for the year owing to the coronavirus pandemic.
For the third quarter of 2020, the company saw its attributable net profits jump to P2.49 billion by 199.62 per cent from P832.64 million in the previous year.
Network sales rose 37.20 percent to P5.91 billion in the third quarter.
GMA Network currently provides a broad spectrum of programming across its multimedia platforms, apart from its GMA-7 and GMA News TV programs.
“Further diversifying its content, GMA is the current host of the National College Athletic Association (NCAA) for Season 96 to 101—including the Filipino First Athletic League Centennial Year in 2024,” said the network.