Felipe Gozon (left) and Menardo Jimenez of GMA Network.
COURTESY OF GMA NETWORK
The wealth of two of the richest people in the Philippines almost doubled from a year ago as shares of their media giant, GMA Network, rose roughly 90% since the shutdown of its main rival 12 months ago.
GMA chairman and CEO Felipe Gozon‘s net worth is estimated at $280 million, while the fortune of former GMA president and Gozon’s brother-in-law, Menardo Jimenez, is about $200 million.
On May 17, GMA reported that first-quarter revenue rose 55% to 5.5 billion pesos (about $115 million) from a year earlier, while net income after tax jumped 246% to 2 billion pesos.
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GMA became the dominant TV network in the Philippines after the government failed to renew the 25-year free-to-air broadcast license of ABS-CBN, the country’s other top TV network….