Dennis Uy's media firm eyes content creation, distribution

The media company of businessman Dennis Uy  has announced plans to develop and distribute entertainment, sports, and education programs for different platforms. (READ: Dennis Uy's growing empire (and debt))

Dito Communications Media Entertainment (Dito CME), headed by former ABS-CBN chief digital officer Donald Lim, said this during the company's annual shareholders’ meeting on on Tuesday, July 28.

“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,” Lim said.

“The need for people to connect, to be informed and entertained, to engage in trade, regardless of circumstance, has become a primary basic need. We have begun to tune in to all forms of media platforms as our coping mechanism to get information and entertainment anywhere and everywhere,” Lim said.

On top of this, the company said that “Dito CME plans to leverage on advertising solutions for its brand and business partners” by using assets within the Udenna Group.

It also plans to “embark on the basic anchor of technology solutions, from cloud computing to mobile applications.”

Dito CME and Dito third telco
Lim also clarified the relationship between third telco Dito Telecommunity and Dito CME.

Dito CME is the publicly listed holding company of Dito Telecommunity. Dito Telecommunity is owned by Udenna (30%), Chelsea Logistics (30%), and China Telecom (40%). Both Udenna and Chelsea Logistics are owned by Uy.

“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,” Lim said.

The Philippines’ biggest broadcaster, ABS-CBN, was forced off air after Congress declined to renew its franchise for another 25 years – the culmination of President Duterte’s years-long tirades against the network.

In his 2020 State of the Nation Address, Duterte said that TV frequencies returned to the government, such as that of ABS-CBN, will be used to “provide uninterrupted quality education” to Filipino students.

Critics, however, fear the assets of ABS-CBN will be used by other companies seeking to enter the industry. The concerns grew after Duterte’s allies in the House of Representatives also pushed for the sequestration of other ABS-CBN properties and businesses.

Udenna earlier denied rumors it will acquire the franchise of the Lopez-owned ABS-CBN, saying that its "priorities do not include broadcasting." 

By: CAMILLE ELEMIA|Rappler.com

Source: Peso Economics