Dennis Uy: No plans for Udenna to acquire ABS-CBN

Tycoon Dennis Uy on Sunday denied that Udenna Corporation—the holding company for the Davao-based businessman’s businesses—has plans to buy embattled ABS-CBN Corporation.advertisement

Udenna’s chairman and CEO said the company has no plans to go into broadcasting at the moment, and that issues hounding the broadcaster be resolved soon.

“Let me be clear once and for all and say that we, in Udenna Corporation, have no intention to acquire ABS-CBN…Being in the business of broadcasting is not part of our corporate direction,” he said in a statement.

Uy also serves as chairman, president, and chief executive officer of Dito CME Holdings Corporation, previously ISM Communications Corporation, which has interests in media and entertainment.

“Mataas ang respeto ko sa nagawa at patuloy na ginagawa ng ABS-CBN. Atin pong lubos na kinikilala kung ano ang kanilang sinasagisag para sa mga kapwa nating Pilipino,” he said.OTHER STORIESPCOO’s shared post on ABS-CBN legal situation not vetted –AndanarPfizer to outsource some drug production, focus on coronavirus vaccinePalace to US: Duterte recognizes importance of independent media

“We are hoping that their issues be resolved soonest,” added Uy.

His statement comes after the NTC last week backtracked from earlier pronouncements and instead ordered ABS-CBN to stop operating its various television and radio stations absent a congressional franchise which lapsed on Monday, May 4, 2020.

ABS-CBN signed off last Tuesday evening following a broadcast of its news program TV Patrol, in compliance with the cease and desist order.

The NTC order was released days after the Office of the Solicitor General warned NTC commissioners that they could face Anti-Graft and Corrupt Practices Act charges should they issue ABS-CBN Corp. and its affiliate ABS Convergence Inc. a provisional authority (PA) to operate after its franchise lapses on May 4, 2020.

Prior to the warning, the NTC said it would heed orders of both houses of Congress to grant ABS-CBN a PA to allow the company to continue operating while its franchise is being deliberated.

To recall, the House of Representatives Committee on Legislative Franchises—through a letter from House Speaker Alan Peter Cayetano and panel chair Franz Alvarez dated February 26, 2020—formally requested the NTC to grant ABS-CBN a PA to be able to operate beyond May 4.

“Sama-sama po tayong mga Pilipino, lalung-lalo na sa panahon ngayon para sa ating kinabukasan,” said Uy.

“Udenna commits that we are and will always be partners with all Filipinos in building our nation,” he added.

top contributor to President Rodrigo Duterte’s campaign kitty during the 2016 elections, Uy has expanded his empire through several acquisitions and ventures during the current administration.

Udenna currently has interests in oil, gas and retail; shipping and logistics; education; food; gaming and tourism; property development and management; and infrastructure development.

Udenna Communications Media and Entertainment Holdings Corporation was supposed to be the parent company for the group’s shares in Dito, but instead sold such shares to ISM Communications, which was then renamed Dito.

Earlier this year, Udenna announced Donald Lim— who previously served as the chief digital officer of ABS-CBN—as chief innovation officer of the group and as chief operating officer of DITO CME starting February 1, 2020. — BM, GMA News

Source:

https://www.gmanetwork.com/news/money/companies/737620/dennis-uy-no-plans-for-udenna-to-acquire-abs-cbn/story/