MANILA – Billionaire Dennis Uy and Udenna Corporation is not interested to buy embattled television network ABS-CBN even as an executive of the latter also clarified Monday that “selling is not an option” for the media company.
“Let me be clear once and for all and say that we, in Udenna Corporation, have no intention to acquire ABS-CBN,” said Uy. “Being in the business of broadcasting is not part of our corporate direction,” he said.
“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,” Uy added.
On Tuesday last week, 05 May 2020, the National Telecommunications Commission (NTC) ordered ABS-CBN stop its television and radio broadcasting operations, a day after its franchise expired.
At least 11 franchise renewal bills have had been filed by ABS-CBN at the House but congress has yet to act on them.
A day after the NTC ordered a cease and desist order (CDO) on its operations, the giant network immediately filed a petition with the Supreme Court to stop the implementation of the NTC order.
A decision to that effect has yet to be made by the High Tribunal even as the NTC also awaits ABS-CBN for its rejoinder regarding the CDO, to be made by the latter within 10 days upon receipt of the CDO.
“We are hoping that their issues be resolved soonest,” Uy added.
For her part, the network’s corporate communications director Kane Errol Choa stressed that: “ABS-CBN is not for sale” through text message Monday morning.
As it is, the 10-day grace period for ABS-CBN to answer its justification on NTC’s CDO expires on Friday, May 10.
The High Tribunal on the other hand, is expected to decide tomorrow, Tuesday, 12 May 2020, over ABS-CBN’s temporary restraining order petition.
Meanwhile, NTC Deputy Commissioner Edgardo Cabarios said a direct takeover of ABS-CBN seems to be out of the question at the moment as there are no buyers and no sellers.
But Cabarios claimed that “new players may still enter the battleground, especially if the NTC decide later on ABS-CBN already lost its rights to hold its frequencies without a franchise.”
And this is the reason why ABS-CBN is given a chance to justify why the network should keep its frequencies, pending franchise renewal Cabarios said.
“If they cannot justify their holding of frequencies, we can recall those frequencies,” Cabarios said last Wednesday.
Frequencies are important for television, radio networks and telcos for this is what allows them to operate and provide service.
“Once frequencies are recalled, NTC has the option to bid them out to a new player following state guidelines,” the NTC executive explained.
“But this [NTC’s decision to recall frequencies] can still be challenged before the Court of Appeals. Mahaba pa po ito,” Cabarios said. (iamigo/SovereignPH.com)