Tycoon Dennis Uy is not interested in venturing into the media space and grabbing the frequencies left behind by ABS-CBN, Uy’s Udenna Corporation said on Wednesday, July 15.

Udenna reacted to rumors on social media saying that the group is teaming up with a broadcasting entity to form a new television network.

“It has come to our attention that there have been certain speculations going around on social media saying that the Udenna Group is associated with a reported broadcasting entity interested in acquiring the broadcast frequencies left behind by ABS-CBN. These are unfounded and completely false,” said Raymond Zorrilla, spokesperson of the Udenna Group.

Udenna previously denied rumors that it will acquire the Lopez-owned network.

“We in Udenna have been consistent in stating that our priorities do not include broadcasting,” added Zorrilla.

Uy’s business empire is among the fastest-growing conglomerates in the country. It boasts a diverse portfolio, ranging from power and telecommunications to hospitality and education.

Uy donated P30 million for President Rodrigo Duterte’s campaign in 2016, leading some to speculate that his businesses grew because of his connections. – Rappler.com