MANILA, Philippines Udenna Corp. is not planning to acquire embattled media giant ABS-CBN, Davao-based businessman Dennis Uy, a campaign donor of President Rodrigo Duterte, said on Sunday.
In a statement, Uy, who is Udenna chairman and CEO, said that getting into broadcasting was not part of his firms corporate direction.
I have high respect for what ABS-CBN has done and what it continues to do, Uy said in Filipino. I completely recognize what it represents for our fellow Filipinos.
We are hoping that their issues be resolved soonest, he added.
ABS-CBN went off the air on Tuesday evening in compliance with a cease-and-desist order of the National Telecommunications Commission (NTC) pending congressional approval of its franchise renewal.
ABS-CBNs legislative franchise expired on May 4. But before that, lawmakers were expecting NTC to issue the network a provisional authority to operate as Congress had failed to pass any of the bills filed seeking to extend the media giants legislative franchise.
This follows Dutertes repeated public rants againstABS-CBN. Since taking power in 2016, he has publicly threatened to block the franchise renewal ofABS-CBNfor not airing a paid 2016 presidential campaign advertisement.
Late last year, Duterte even asked ABS-CBN owners to just sell the network if they would want it to continue.
The proposed sale of ABS-CBN came on the heels of the inception of Uys Udenna Communications Media and Entertainment Holdings Corp, which expands his business to the media and entertainment sector.