Is Dennis Uy Acquiring ABS-CBN? Businessman Sets Record Straight

Dennis Uy, chairman and CEO of Udenna Corporation, has spoken up about his company’s reported plans to acquire beleagured broadcast network ABS-CBN. 

In a statement sent to news outlets Sunday night (May 10), Uy clarified that his company has no designs on the Lopez-owned network.

“Let me be clear once and for all and say that we, in Udenna Corporation, have no intention to acquire ABS-CBN,” Uy said.

“Being in the business of broadcasting is not part of our corporate direction,” he added.

Uy, who is from Davao, is a known close associate of President Rodrigo Duterte.

Dennis Uy sets the record straight, “Let me be clear... we have NO intention to acquire ABSCBN”. pic.twitter.com/FlmYZ3QtFS

— Karen Davila (@iamkarendavila) May 10, 2020

Talks first swirled that the businessman was eyeing ABS-CBN when his company formed a media and communications just before Duterte’s now infamous statement urging the owners of the broadcast network to sell the station.

Udenna Corp. has interests in petroleum, shipping, losgistics, food, education, retail, real estate and telecommunications. 

His Dito Telecommunity Corporation won the bid to become the country's third major telecommunications provider. 

In his statement, Uy said he was hoping the issues against ABS-CBN, whose congressional license to operate lapsed and has not been renewed, would be resolved soonest.

“Malaki and 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 (I have much respect for what ABS-CBN has done and contines to do. We recognize what it symbolizes for our fellow Filipinos),” he said.

“Sama-sama po tayong mga Pilipino, lalong-lalo na sa panahon ngayon para sa ating kinabukasan (Let’s all work together as Filipinos, especially during these times, for our collective future). Udenna commits that we are and will always be partners with all Filipinos in building our nation.”