Uy’s Dito CME going into digital space, nixes broadcast

Richmond Mercurio (The Philippine Star) - March 12, 2020 - 12:00am

MANILA, Philippines — After being rumored as a possible buyer of ABS-CBN, businessman Dennis Uy’s  media and entertainment expansion is apparently not going into the direction of broadcast for now.

Newly appointed Dito CME Holdings chief operating officer Donald Lim, who is a former ABS-CBN executive, said the group has its sights set on the digital space.

“We’re going to the digital space. Any content that we will pursue will be solely digital. One hundred percent digital. I won’t touch broadcast, I won’t touch anything else,” Lim told The STAR.

Lim, who is tasked to lead Uy’s investments in the space of media and entertainment, said more concrete plans would be unveiled soon.

Lim officially joined the Udenna Group last Feb. 1 as the chief operating officer of Dito CME and as the chief innovation officer of the group.

“Donald will be tasked to lead the communications, media and entertainment group of Udenna which includes the soon to be launched Dito Telecommunity, and Udenna’s investments in the space of media and entertainment,” Udenna said in a statement last January.

Uy is looking to expand into the media and entertainment business by forming Udenna Communications Media and Entertainment Holdings Corp. which was folded into his listed company ISM Communications Inc., a holding company which Uy bought into in April last year.

ISM’s board earlier approved the change in the company’s name to Dito CME Holdings as well as the increase in its authorized capital stock to P40 billion from the current P2.8 billion.

Uy, in a forum earlier this month, said the future is in the technology space which is why even though his soon-to-be launched telco venture is very challenging, he is “inspired and hungry to see it succeed.”

Uy’s Udenna Corp. and listed Chelsea Logistics and Infrastructure Holdings Corp. have partnered with state-owned China Telecom to enter the country’s telecommunications industry and were eventually awarded the distinction of being the new major player.

Dito Telecommunity’s network, which is poised to challenge incumbents PLDT and Globe, is targeted for commercial launch by March next year.

Udenna, Uy’s holding company, is a diversified group with businesses in petroleum product distribution, shipping, logistics, property development and leasing, educational institutions, restaurant operations, infrastructure, tourism and gaming, and recently, media and entertainment.

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