GMA, Viva Records set up joint venture for music-related ventures

GMA NETWORK, INC., a listed broadcasting company, said its board of directors has authorized the incorporation of a joint venture company with Viva Records Corp., a record label under Viva Communications, Inc., to engage in music-related businesses.

A disclosure to the stock exchange on Thursday listed prospective activities for the joint venture, including music production, recording, marketing, promotion, and distribution.

It will also cover artist management and music publishing.

For the three months ended June, GMA’s attributable net income rose to P1.17 billion from P400.50 million a year earlier, driven by higher revenues.

Gross revenue for the quarter increased 30.36% to P5.41 billion from P4.15 billion, while gross expenses rose 7.14% to P3.90 billion from P3.64 billion.

For the first half, attributable net income climbed to P1.97 billion from P604.62 million a year earlier.

On the exchange on Thursday, GMA shares closed one centavo (0.19%) higher at P5.41. — Ashley Erika O. Jose