GMM Grammy looks to unload two
After putting more focus on its digital-TV business, GMM Grammy is again considering selling at least two business units that are not related to its core operations in music, film and content production.
"Though we have enough cash flow and better liquidity from an [earlier] exit from non-core businesses, we have to reconsider remaining subsidiaries that are not supportive of our main business. I would say that there are possibly two deals under negotiation," Paiboon Damrongchai-tham, chairman of GMM Grammy, said yesterday.
He declined to provide further details about the potential deals.
Regarding the company’s recent sale of its shares in event organiser Index Creative Village to Wave Entertainment, Paiboon said the Bt430-million deal was satisfactory all around, not only for his company but also for Index Creative Village and Wave Entertainment.
Despite losing its stake in this event organiser, GMM Grammy has subdivisions that oversee this kind of activity such as concerts and other show business.
He said his company had to refocus on its core businesses after obtaining two licences to operate digital television from the National Broadcasting and Telecommunications Commission.
GMM Grammy operates the two terrestrial-based digital channels via its subsidiaries. Led by Takornkiat Viravan, GMM One HD Trading runs the One high-definition variety channel. GMM Channel Digital TV operates another variety channel, this one in standard definition, called GMM 25.
"The ratings of both our TV stations continue to improve because of their quality content. Digital-TV business is our future," Paiboon said.
Therefore, the company decided to exit from other businesses, selling its shares in SE-Education, Post Publishing and Matichon.
Recently, GMM Grammy decided to sell its magazine business, valued at Bt45 million, to Tassapon Bijleveld, chief executive officer of low-cost carrier Thai AirAsia.
