Davao-based businessman Dennis Uy’s conglomerate Udenna Group disproved the speculation on social media that the company is allegedly taking over the frequencies left by ABS-CBN Corporation.

“These are unfounded and completely false. We in Udenna have been consistent in stating that our priorities do not include broadcasting,” said Udenna Group Spokesperson Raymond Zorilla in a statement.

Speculations had been spreading on social media that a particular Dragon Broadcasting Corporation, allegedly owned by Dennis Uy, will claim the frequencies of ABS-CBN.

The House Committee on Legislative Franchises recently voted to reject ABS-CBN’s franchise renewal application, shutting down the media giant’s broadcasting arm completely.

Uy’s Udenna Group currently has interests in oil, gas, and retail; shipping and logistics; education; food; gaming and tourism; property development and management; infrastructure development; and telecommunications through third telco player DITO Telecommunity.

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