Dennis Uy's DITO CME to develop entertainment, sports, and educational programs

In Photo: Sen. Bato Dela Rosa and Davao-based businessman Dennis Uy dancing during 30th SEA Games

Dito CME Holdings Corp., backed by Davao-based businessman Dennis Uy, on Wednesday announced plans to develop entertainment, sports, and educational programs for various platforms.

In a regulatory filing, Dito CME announced its business plans moving forward, hinting on possible partnerships for content creation.

"The Dito CME mandate is hinged on the pillars of e-services, e-payment solutions, and digital content, as it will plan to invest in and partner with creative organizations and thought leaders to develop and distribute entertainment, sports, and educational programs for various platforms," the disclosure read.

Dito CME, previously ISM Communications Corp., in December fully acquired the Udenna Communications Media and Entertainment Holdings Corp.

The company said it plans to leverage on advertising solutions for its brand and business partners, and embark on technology solutions such as cloud computing and mobile applications.

"The need for people to connect, to be informed and entertained, to engage in trade, regardless of circumstance, has become a primary basic need," said Dito CME chief operating officer Donald Lim.

"We have begun to tune in to all forms of media platforms as our coping mechanism to get information and entertainment anywhere and everywhere. People have sought ways and means to communicate and transact without any physical contact or meetings," he added.

The latest development comes as a House of Representatives panel voted to deny the franchise application of ABS-CBN Corp., one of the major broadcasters of the Philippines.

The panel denied the bid, even as several government agencies such as the Bureau of Internal Revenue (BIR), the Securities and Exchange Commission (SEC), and the Department of Justice (DOJ) maintained that the broadcaster had no violations.

President Rodrigo Duterte had been consistent in threatening to oppose the renewal of ABS-CBN's franchise, as he earlier claimed the network did not air political advertisements during the 2016 election campaign which were already paid for.

In February, ABS-CBN president and chief executive officer Carlo Katigbak apologized for the unaired political ads of Duterte. This was accepted by Duterte two days later, as he said he would not interfere with the franchise renewal process in Congress.

In the same filing on Wednesday, Dito's Lim -- who previously served as the chief digital officer of ABS-CBN -- clarified the relationship between Dito CME and the Philippines' third major telecommunications player Dito Telecommunity Corp.

"Dito CME will own indirect interest in Dito Telecommunity once the necessary governmental approvals are obtained and the appropriate transfer documents are executed; however, the holder of the government franchise is Dito Telecommunity," he said.

Dito Telecommunity Corp. -- a venture of Dennis Uy's Udenna Corporation, Udenna's subsidiary Chelsea Logistics Holdings Inc., and Chinese state-owned China Telecommunications Corporation -- on Tuesday said it is still on track to onboard subscribers by March 2021.

It failed to fulfill its first-year commitments by the July 8 deadline under its Certificate of Public Convenience and Necessity (CPCN), but was given six more months by the National Telecommunications Commission (NTC) to meet this.

By JON VIKTOR D. CABUENAS, GMA News

Source: Peso Economics