MANILA, Philippines—GMA Network Inc. saw a banner year in 2020 with its dominance in local television sealed by the Duterte administration’s successful campaign to shut down main rival ABS-CBN Corp.
In a stock exchange filing, GMA said profits more than doubled amid the COVID-19 pandemic as it declared 2020 “a year like no other.”
Advertisers shifted to GMA after ABS-CBN’s free-to-air broadcasts were shuttered by the government beginning May 5, 2020. GMA also cut expenses dramatically and launched its own digital television business, creating a new revenue stream.
By the end of 2020 GMA posted a profit of P6 billion, up 128 percent.
“GMA Network Inc. and subsidiaries broke …
Keep on reading: GMA Network breaks earnings records in 2020 after ABS-CBN shutdown