The management of ISM Communications Corp., led by its controlling shareholder businessman Dennis Uy, has no plans at the moment to acquire ABS-CBN Broadcasting Corp.
“We wish to clarify that ISM has not executed nor entered into any terms or agreement as regards the acquisition of ABS-CBN”, ISM said in a regulatory filing following the jump in its share price Thursday on speculation Uy could emerge as the network’s white knight.
“Currently, there are no definitive plans to acquire ABS-CBN so the news article is merely speculation,” ISM said in response to an article published by the Philippine Daily Inquirer.
ISM jumped 12.8 percent Thursday to P3.88. It, however, closed 2.58 percent lower to P3.78 Friday after ISM disclosed it had no plans to acquire the Lopez-led broadcasting firm.
Uy’s recent tieup with SkyCable has triggered speculation that the businessman may end up as the savior of ABS-CBN whose franchise is set to expire in March.