MediaQuest Holdings Inc., the mother company of TV5 — one of the Philippines’ three biggest TV networks — has terminated discussions to acquire a controlling interest in GMA Network Inc. (GMA7).

In a disclosure by the Philippine Long Distance Telephone Company — owner of MediaQuest — the parties have been unable to arrive at mutually acceptable terms despite the continual discussions and efforts exerted in good faith.

In recent reports, GMA7 chairman Felipe Gozon said the deal with MediaQuest would either terminate or go through within this year. Philippine Daily Inquirer quoted Gozon as saying that if a deal doesn’t push through, the current owners of GMA7 are ready, prepared and willing to continue running the company.