ISM Communications Corporation management led by Dennis Uy has denied it has any plans to acquire ABS-CBN at the moment.
In a statement, ISM clarified that they have not yet entered into talks or an agreement with ABS-CBN with regards to its acquisition if and when the network fails to secure a franchise renewal.
“We wish to clarify that ISM has not executed nor entered into any terms or agreement as regards the acquisition of ABS-CBN,” said ISM.
It also added that there are still no definite plans to acquire the country’s largest network, saying news reports about it are merely speculative.
“Currently, there are no definitive plans to acquire ABS-CBN so the news article is merely speculation,” ISM added.
ABS-CBN’s 25-year franchise to operate will expire in March 2020.
As early as 2016, bills seeking to renew the network’s franchise have been filed in Congress but were stalled primarily because of Duterte’s public opposition to it.
Just recently, in President Duterte’s latest attack against the broadcasting company, the President advised its owners to just sell the company because he sees no light with its franchise renewal.
“Itong ABS, mag-expire ang contract ninyo. Magrenew kayo, ewan ko lang kung may mangyari diyan. Kung ako sa inyo, ipagbili ‘nyo na ‘yan,” Duterte said.
Dennis Uy is a known ally and campaign donor of Duterte. Uy also recently announced an expansion to his media and entertainment business through Udenna Communications Media and Entertainment Holdings Corp.
Meanwhile, aside from ties with Malacanang, Uy’s company had also a recent tie-up with SkyCable which triggered the speculation that the businessman may end up as ABS-CBN’s new owner whose franchise is set to expire in March 2020.
