GMA Network Inc. shares have continued to struggle, with the Kapuso media giant’s stock remaining close to its lowest level in more than 17 years.
The company, led by Atty. Felipe Gozon, saw its shares fall to ₱3.91 on August 28, their weakest level since January 2009. The stock remained near that low on September 8, reaching ₱3.97 during intraday trading.
As of September 9, GMA shares stood at ₱4.00, narrowing the gap with ABS-CBN Corporation’s ₱3.64 following the latter’s recent ₱6-billion capital infusion.
GMA’s prolonged decline has wiped out much of the gains it posted when it emerged as the country’s leading free-to-air television network. From a peak of ₱14.75 five years ago, the stock has lost roughly 73% of its value.
The weakness comes amid declining earnings and continued pressure on the company’s traditional advertising business.
GMA’s net income dropped 94% to ₱110.2 million during the first half of 2026, while revenues declined 35% to ₱6.61 billion. The company generated only around ₱8 million in net income in the second quarter.
The sharp drop was partly attributed to the absence of more than ₱2 billion in political advertising revenues recorded ahead of the 2025 elections. Even without that one-off revenue, however, regular revenues declined 17%.
“Excluding the impact of this non-recurring revenue stream, the Company’s core business also experienced headwinds, with regular revenues declining by 17%, from the same period last year,” GMA said.
Advertising remained GMA’s primary revenue source, accounting for 89% of first-half revenues, but it fell 37% to ₱5.89 billion.
The network has also cited an “ongoing structural shift in consumer media consumption from traditional free-to-air channels to internet protocol based platforms” as another challenge facing its traditional business.
While digital and international operations offered some support and the company reduced operating expenses by 11%, these measures were insufficient to make up for the continued weakness in its core advertising business.